22:00

So what happens now? Over to Athens.....

Our correspondent Helena Smith has confirmed that the proposed reforms have indeed been sent to the country’s creditors - and three hours AHEAD of the midnight deadline central European time.

Government insiders are saying the proposals were sent at 1OPM Greek time (9 PM central European time) to all three creditors and the president of the Euro Group of euro area finance ministers Jeroen Dijsselbloem.

The Dutch finance minister must sign off on the reforms before they are submitted for further discussion to EU leaders.

The proposed package - a biting mix of tax hikes and swingeing cutbacks - was tabled in parliament as an emergency bill on Thursday. It will, say officials, be put to vote on Friday evening in order to invest the Greek prime minister, his deputy Yannis Dragasakis and finance minister Euclid Tsakalotos with the appropriate authority to conduct talks around the proposed reforms.

Until a cast-iron agreement is reached, the vote will not be binding - rather is is aimed exclusively at furnishing the central protagonists in Greece’s negotiating team with the authority to debate with creditors around the proposed reforms.

Once negotiations are completed it will become law.

After several drama-filled days, replete with apocalyptic scenarios, a ray of hope was seen tonight. The vast majority in Tsipras’ radical left Syriza party accept that chaos lies the other way.

But the devil will be in the detail. Panagiotis Lafazanis, who heads Syriza’s militant wing, the Left Platform, has already expressed his wholehearted opposition to the proposed plan saying it fails to give any hope of a breakthrough to the Greek economic crisis. The Left Platform represents about a third of the party.

Zoe Konstantopoulou, the president of the parliament and a member of Syriza’s hard left herself, has publicly announced that no new memorandum outlining further austerity will be passed by the 300 seat House.

Although, Konstantopoulou has just spent 3.5 hours with Tsipras.... and has left his office refusing to make any comment!