The markets believe in a solution: the Paris Stock Exchange was up over 3 percent and Milan 2.9 percent. The euro climbed over 1.12 dollar while the bond spread dropped to just above 120 points. Eurogroup President Jeroen Dijsselbloem said eurozone finance ministers may make a "major decision" when they hold an emergency session on Saturday to weigh a new Greek proposal for emergency funding. He called Greece's proposal an accurate text. At 1 p.m., Dijsselbloem, European Commission President Jean-Claude Juncker, European Central Bank President Mario Draghi and International Monetary Fund head Christine Lagarde made a first assessment on Greece's proposals on a conference call, which they will send along to eurozone finance ministers before the end of the day. On Saturday at 3 p.m. the finance ministers meet to discuss the reform program presented by Greek PM Alexis Tsipras, hoping to obtain a bailout loan of 53.5 billion euros to be able to make debt payments for the coming 3 years plus a package of 36 billion to relaunch economic growth.
  In return, Greece pledges to make 13 billion euros worth of cuts. Prime Minister Matteo Renzi said he was "more optimistic than before", adding that he hoped Sunday's summit will not be necessary. But he also issued a warning, saying that Europe must think about the next generation. France has already given its blessing to the proposal. President Francois Hollande called it serious and credible. "They (Greece) showed determination to stay in the eurozone, discussions must resume with the will to find a settlement," Hollande said, adding that the issue required "discipline" while still reaching out to a country in need. The U.S. and Russia also expressed optimism.
  Putin called for a speedy resolution of the crisis and denied that Athens has ever asked Moscow for help. U.S. Treasury Secretary Jack Lew said he believed a deal was closer. Italian Finance Minister Pier Carlo Padoan said important steps had been made towards a solution. The reactions from Germany were more cautious. Members of Chancellor Angela Merkel's party pointed out that the plan presented by Greece's government includes exactly what had been rejected by the people in the Greek referendum held on Sunday. And referring to suggestions that a debt haircut will be discussed at Saturday's summit, the country's finance minister pointed out that such a measure is not legally possible within the monetary union. But the President of the European Parliament, German Social Democrat Martin Schulz, welcomed the Greek proposals. Meanwhile Tsipras still has to push the reform measures through his parliament.
  The premier has asked Parliament for a mandate to deal with the creditors, but not to leave the euro. "We'll talk and I'm sure everything will be fine," said Interior Minister Nikos Voutsis before entering the meeting. Tsipras is certain of the backing from the centrist To Potami and New Democracy opposition parties. (AGI)