Alexis Tsipras is facing the difficult challenge of trying to convince his party to back a harsh new austerity package in return for a €53.5 billion bailout and restructuring of debt repayments. Less than a week after urging his country to reject milder cuts in a referendum, the Greek Prime Minister is now asking his hard left Syriza party to effectively sign off on a dramatic U-turn. If backed by the party and accepted by creditors, the reforms would raise corporate and shipping tax, increase the country's 'luxury' tax and implement a levy on TV advertisements immediately. It pledged to complete the tender process for the privatisation of its regional airports, as well as ports in Piraeus, Thessaloniki and Hellinikon. The Government would also transfer its remaining shares in Greek telecoms companies into private hands.Greece has submitted a new set of reform proposals to eurozone leadersIt will form a last ditch attempt to reach an agreement with its creditorsDetails of proposals will be reviewed ahead of crucial summit on SundayGreek leaders have pledged to reform the pension system and raise taxesIn return, they have asked creditors for a three-year debt adjustment plan
The proposed new bailout worth nearly €53.5 billion would be _'s third since it lost market access in 2010.