Greece has offered to raise taxes and reform pensions in a last ditch effort to secure a new bailout and stay in the Eurozone.

The plan was submitted just two hours ahead of the midnight deadline last night.

All 28 EU leaders will meet to discuss the proposals on Sunday and make a decision on Greece's future.

Greek Prime Minister Alexis Tsipras spent much of yesterday with his ministers drawing up this plan, which will be decisive to his country's fate in the Euro.

It contains measures like tax hikes and pension reform - which have been sought by its creditors - as well as moves to privatise ports and airports and end tax cuts for the Greek islands.

According to reports in Athens, the package is even tougher than the one rejected by over 60% of Greek voters in last weekend's referendum.

It has now been submitted to Eurogroup chief Jeroen Djisselbloem, whose officials will study it ahead of a make-or-break summit of EU leaders.

If they reject it, Greece will default on its debt and almost certainly find itself outside of the Eurozone.

The plan will first go before the Greek parliament later today.

Ann Cahill is European correspondent with the Irish Examiner. She told Newstalk Breakfast these new proposals have seen concessions from the Greek side.

Greece promised the economic reforms as it announced a new bid for funds from the European Stability Mechanism (ESM), the EU organisation that provides financial assistance for Eurozone members.

The three-year loan would enable Greece to cover its debt obligations, the Greek finance ministry said, preventing it from defaulting and ensuring it does not have to drop out of the Euro.

Banks in Greece are staying closed until at least next Monday and cash machine withdrawals are limited to €60 per day as the country teeters on the brink.