Greece submitted on Tuesday a revised list of reforms, which the country has to fulfill in order to be granted further bailout by its international creditors.

This happens a day before Greek Prime Minister Alexis Tsipras is to meet German Chancellor Angela Merkel and French President Francois Hollande, daily Kathimerini reports.

According to media reports, the creditors are now in the process of studying the counter-proposals, which should have been sent earlier.

One of the proposals is an idea, which had been previously aired by Greek Finance Minister Yanis Varoufakis, to take debt from the European Central Bank (ECB) and transfer it to the European Stability Mechanism.

Tsipras warned that a failure to reach a deal on the bailout, which expires at the end of June, would be the beginning of the end for the Eurozone as it would leave Greece facing a default without cash.

European Commission President Jean-Claude Juncker presented to Tsipras a five-page plan of the creditors in Brussels last week, but this was rejected as some of the austerity proposals were unacceptable to Athens.

Instead, the Greek government submitted a 47-page reform list and insisted that it should be the basis of negotiations.

Juncker accused Tsipras on Sunday of delaying the submission of the promised alternative reform list.

Meanwhile, Greece asked the International Monetary Fund (IMF) to postpone its debt repayment, which was due on Friday and pay all its four installments due this month by the end of June.

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