ATHENS, Greece (AP) — Greece finally met a deadline that counted on 
Thursday, delivering a series of sweeping proposals to its creditors 
before midnight to set off a mad rush toward a weekend deal to stave off
 a financial collapse of the nation.
The package of reforms raised
 hopes that Greece can get a rescue deal that will prevent a 
catastrophic exit from the euro after key creditors said they were open 
to discussing how to ease the country's debt load, a long-time sticking 
point in their talks.
In a significant about-face, the government 
caved into demands for a new round of austerity measures, including 
sales tax hikes and cuts in state spending for pensions that the 
left-leaning Greek government had long resisted.
In the text of 
proposals sent by Athens late Thursday, the government conceded to 
demands it had previously refused to accept — mostly on moving various 
categories of goods and services to higher sales tax rates — in exchange
 for a new 53.5 billion-euro ($59 billion) bailout package.
Many 
of the proposed reforms were harsher than those roundly rejected by the 
Greek public in a bailout referendum last Sunday. But the government 
said, in return, it "would seek a commitment from creditors to negotiate
 ... further measures to restructure the long-term debt."
The 
government scheduled an emergency vote in parliament late Friday to win 
backing for the belt-tightening plan and said it believed it had the 
support needed for an endorsement.
After months of foot-dragging 
despite impending chaos, Greek Prime Minister Alexis Tsipras met a 
midnight deadline with more than an hour to spare. The spokesman for 
eurogroup President Jeroen Dijsselbloem tweeted that it was "important 
for institutions to consider these (proposals) in their assessment" of 
the Greek situation.
Finance officials from the European 
institutions and the International Monetary Fund were to fine-comb 
through the package on Friday before the 19 eurozone finance ministers 
assess it on Saturday.
In ideal circumstances, a summit of all 28 European Union leaders would be able to approve it on Sunday.
Earlier
 Thursday, Donald Tusk of Poland, who chairs the EU summits, indicated 
that European officials would make an effort to address Greece's key 
request for debt relief.
"The realistic proposal from Greece will 
have to be matched by an equally realistic proposal on debt 
sustainability from the creditors. Only then will we have a win-win 
situation," Tusk said.

Pro-European Union protesters gather in 
front of the Greek parliament in Athens on July 9, 2015. (LOUISA 
GOULIAMAKI/AFP/Getty Images)
Greece has long 
argued its debt is too high to be paid back and that the country 
requires some form of debt relief. The International Monetary Fund 
agrees with the premise, but key European states like Germany have 
resisted the idea.
On Thursday, German Finance Minister Wolfgang 
Schaeuble said the possibility of some kind of debt relief would be 
discussed over coming days, though he cautioned it may not provide much 
help.
"The room for maneuver through debt reprofiling or restructuring is very small," he said.
Making
 Greece's debt more sustainable would likely involve lowering the 
interest rates and extending the repayment dates on its bailout loans. 
Germany and many other European countries rule out an outright debt cut,
 arguing it would be illegal under European treaties.
Tsipras met 
with finance ministry officials and his cabinet throughout the day 
Thursday to finalize his country's plan, a day after his government 
requested a new three-year aid program from Europe's bailout fund and 
promised to immediately enact reforms, including to taxes and pensions, 
in return.
The last-minute maneuvers come as Greece's financial 
system teeters on the brink of collapse. It has imposed restrictions on 
banking transactions since June 29, limiting cash withdrawals to 60 
euros ($67) per day to stanch a bank run. Banks and the stock market 
have been shut for just as long.
The closures, which have been 
extended through Monday, have led to daily lines at ATM machines and 
have hammered businesses. Payments abroad have been banned without 
special permission.
"Can you see anybody in the shop? Nobody's 
coming in, because everyone's living off a drip," said Magda Petridi, a 
fortune teller who runs a shop selling good luck charms, aromatic oils 
and trinkets. "Until a month ago business was going pretty well."

A pensioner solves a crossword puzzle as he waits to enter a bank in Athens,  July 9, 2015. (AP Photo/Thanassis Stavrakis)
Pensioners
 without bank cards have been particularly hard hit as they have 
struggled to access their accounts. Some branches have been opened so 
the elderly and unemployed without bank cards can withdraw a maximum 
weekly sum of 120 euros each. Hundreds lined up outside banks Thursday 
morning, many facing hours-long waits in the heat.
Meanwhile, many ATMs had a shortage of 20 euro notes, effectively reducing the daily withdrawal limit to 50 euros.
If
 Tsipras does not get a deal, Greece faces an almost inevitable collapse
 of the banking system, which would be the first step for the country to
 fall out of the euro.
"I believe he will have to get an 
agreement. We will pay dearly for it, but at least we'll get an 
agreement," said mechanic Pantelis Niarchos, walking down the street in 
central Athens.
After months of fruitless negotiations with 
Tsipras' government, elected in January on promises to repeal bailout 
austerity, the skeptical eurozone creditor states had insisted they 
wanted to see a detailed, cost-accounted plan of reforms.
Greece's
 financial institutions have been kept afloat so far by emergency 
liquidity assistance from the European Central Bank. But the ECB has not
 increased the amount in days, leaving the lenders in a stranglehold 
despite capital controls.
German ECB governing council member Jens
 Weidmann argued Greek banks should not get more emergency credit from 
the central bank unless a bailout deal is struck.
He said it was up to eurozone governments and Greek leaders themselves to rescue Greece.
The central bank "has no mandate to safeguard the solvency of banks and governments," he said in a speech.
The
 ECB capped emergency credit to Greek banks amid doubt whether the 
country will win further rescue loans from other countries. The banks 
closed and limited ATM withdrawals because they had no other way to 
replace deposits.
Weidmann said he welcomed the fact that central 
bank credit "is no longer being used to finance capital flight caused by
 the Greek government."
Source