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It is unclear whether all the creditors would back the latest reforms package, which was strikingly similar to the terms Greece had rejected in a referendum that Tsipras had called in June.

France, Greece’s strongest supporter in the eurozone, rushed to offer praise with President Francois Hollande calling the offer “serious and credible.” Eurogroup head Jeroen Dijsselbloem called it a “thorough piece of text” but declined to go into specifics.

“Broad support in Greece gives it more credibility, but even then we need to consider carefully whether the proposal is good and if the numbers add up,” he told reporters. “One way or the other, it is a very major decision we need to take.”

The lenders’ backing is crucial for eurozone leaders to support the proposals.

Dijsselbloem, European Commission President Jean-Claude Juncker, European Central Bank President Mario Draghi and International Monetary Fund head Christine Lagarde will make a first assessment of the plans by teleconference at 1100 GMT, EU sources said.

European markets rallied on the improved prospects for a last-ditch deal to keep Greece in the currency area, while Italian, Spanish and Portuguese bond yields fell, reflecting perception of reduced risk.

Nevertheless, Greece would have to overcome a hardening of attitudes towards it among its eurozone partners, including Germany, which has contributed more to Greek bailouts than any other country. Some, including a senior member of German Chancellor Angela Merkel’s party, greeted the latest reform proposals with skepticism. Latvia’s prime minister said he would not accept any proposal that includes a debt writedown.