Greek Prime Minister Alexis Tsipras
Greek Prime Minister Alexis Tsipras Reuters

Greece submitted a proposal on economic reforms for a bailout from the eurozone on Thursday night, just two hours before a midnight deadline.

The proposal will now be analyzed by officials ahead of EU meetings over the weekend to decide whether or not there is confidence in the ability of the plans to revive the Greek economy and make it worth bailing the flailing state out.

Greek media is reporting that the measures in the proposal include an increase in taxes, unifying VAT rates at a standard 23%, phasing out a grant for pensioners by 2019, and cutting defense spending by $332 million by 2016.

If a bailout is received, it will be the third that Greece has received. If it is not, Greece will default and likely have to leave the European Union, in what has been termed the "Grexit."

Greece's parliament will vote on the proposal on Friday, and on Saturday it will be studied by eurozone finance ministers before being discussed by EU leaders in Brussels on Sunday.

A previous austerity proposal in exchange for a bailout was rejected in a Greek national referendum on Sunday.

While several reforms that were rejected in that reform will now be conceded to according to the new proposal, BBC reports that the new version has Greek Prime Minister Alexis Tsipras asking for a lot more than was included in the previous proposal.

For one, the far-left Tsipras is asking for a much larger bailout of 53.5 billion euros ($59.5 billion) from the EU as part of restructuring Greece's massive debt.