Brussels, July 11 (IANS): The Eurogroup has received an assessment of the Greek bailout proposals from institutions of international creditors, a spokesman of Eurogroup President Jeroen Dijsselbloem said on Saturday.

The assessment of the Greek proposals made by institutions of international creditors under Article 13 of the European Stability Mechanism (ESM) treaty has been received by Eurogroup, Michel Reijns tweeted.

The assessment, along with Athens' reform-for-aid proposals, will be the key part of discussions at the meeting of the Eurozone finance ministers in the afternoon, Xinhua news agency reported.

Greece submitted its formal request to the ESM on Wednesday, asking for a three-year loan from the bailout fund. The financially-troubled country then submitted a detailed package of reform proposals to the Eurogroup on Thursday night, aiming to avoid a possible Greek default and Grexit -- exit from the eurozone.

Experts from the European Commission, the European Central Bank and the International Monetary Fund had reviewed the Greek aid request and reform proposals on Friday.

A source close to the matter told the media on Thursday that the EU and IMF officials had given a positive assessment which makes it possible that an agreement to aid Greece can be reached in the afternoon meeting of Eurogroup.

Without a debt deal in the coming hours, Greece faces a financial collapse and a Grexit. Greek banks have been closed for the past two weeks and are running out of cash while the country's economy is suffering from capital controls. Besides, Greece has been in arrears to the IMF since July 1 and faces a 3.5 billion euro ($3.9 billion) debt repayment to the ECB on July 20.