Greek Prime Minister Alexis Tsipras has accepted the conditions proposed by the country's creditors via a letter sent last night to the European Commission, IMF and the European Central bank.
In the letter, Prime Minister Tsipras said he is willing to agree to all offers and conditions proposed by the European Commission, provided that they will allow two main amendments on their demands.
According to the letter revealed by the Financial Times, Tsipras has proposed two changes, stating the Greek government fully respects the overall payment programme suggested.
The two concessions came after a long battle between the Greek government and its creditors to extend the payment deadline of 1.6 billion euros, which the Greek government failed to meet.
According to Greek newspaper Ta Nea, Greece asked to maintain the 30 percent VAT special discount on Greek islands while accepting the retirement age must rise to 67 as of October.
Greece will hold a referendum on July 5 over the terms imposed by Western lenders, including the European Central Bank (ECB), the EU Commission and International Monetary Fund (IMF)
Speaking on Wednesday afternoon, Tsipras said that “saying no to the referendum does not mean rupture with Europe, it means a better agreement.”
Tsipras also explained his decision to reject the creditors' proposals saying "the proposals coercively asked to be signed by us were given the reduction of pensions and this is why we rejected them."
The eurogroup is expected to hold a meeting at 17:30 Brussels time (15:30 GMT) to discuss another possible loan to Greece.
Meanwhile, banks remain closed, maintaining a 60 euro withdrawal limit as people line up outside ATMs.
At the same time, pensioners have only been able to receive 120 euros from their original pension. Most of them even failed to get this amount as the pension amounts could not be deposited in their entirety.
However, in his Wednesday speech the Greek premier reassured that the money of Greek citizens is safe.
"Citizens' deposits will not be lost," he said.