Greeks have seen their living standard drop sharply during the debt crisis. Photo: Reuters 

(VOVworld) - Greece failed to submit a list of reforms to the Eurogroup on Tuesday morning to secure a bailout extension. Late on Monday, officials said that although Greece had given no reason, the Eurogroup had agreed to a delay. Greece's creditors, who include the European Union (EU), the European Commission (EC), and the International Monetary Fund (IMF), are expected to deliver their verdict on the proposals on Tuesday before the reforms are discussed in a conference call with Eurozone finance ministers. The reform list includes social measures to help the poor, prevent those in debt from losing their homes, and fight tax evasion and bad debts. If the bailout extension is not approved, the new Greek government, led by Prime Minister Alexis Tsipras, will face bankruptcy and Greece may have to leave the Eurozone.