French President Francois Hollande on Friday welcomed the latest proposals from Athens on a fresh bailout plan as "serious and credible".

"The Greeks have shown a determination to want to stay in the eurozone because the programme they are presenting is serious and credible," Hollande said after Athens laid out details of a pensions overhaul and tax hikes in return for debt relief.

"The coming hours will be important," Hollande said, adding that "nothing is decided yet" as eurozone officials will study the details of the plan on Saturday before a summit of EU leaders the next day.
Source: AFP