(VOVworld) – The Greek government submitted a new proposal Thursday for economic policy overhauls and budget cuts, which are said to have moved closer to Eurozone creditors’ demands in return for a new bailout package.

A marble statue of Socrates in front of the Athens Academy. (Photo: Petros Giannakouris/AP)

The 13-page plan includes a financial request for Greece for 3 years, debt restructuring for Greece, and an investment package worth 35 billion Euros.

The Greek government agreed to its creditors’ requirement not to encourage workers to retire early and to a sales tax equal to 1% of Greece’s annual GDP.

Institutions supervising rescue packages for Greece will consider Greece’s proposal before it’s discussed at a Eurozone finance ministers’ meeting on Saturday.

At that meeting, the finance ministers will decide whether or not the proposal meets the conditions for a third rescue package.

According to most observers, Greek banks are likely to go bankrupt early next week if Greece can’t reach an agreement with creditors.