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Greece has sent reform plans, a "valid starting point": EU source

[BRUSSELS] Greece has sent a list of economic reform plans to European institutions and the International Monetary Fund around midnight, a source close to the European Commission said on Tuesday.

Greece needed to present its plans as a condition for extending its bailout programme for an additional four months, in a deal struck with euro zone partners on Friday. "In the Commission's view, this list is sufficiently comprehensive to be a valid starting point for a successful conclusion of the review," the source said. "We are notably encouraged by the strong commitment to combat tax evasion and corruption," the source added.

The European Commission said on Twitter that the list of Greek reform measures had been received on time.

Germany, the biggest contributor to Greece's two bailouts totalling 240 billion euros (S$370 billion) , insisted earlier that any extra spending on Athens's list of reforms had to be offset by savings or higher taxes.

The government of radical leftist Prime Minister Alexis Tsipras staged a climbdown on Friday to win the four-month extension. Mr Tsipras had promised to scrap the programme when he won election last month.