Greece has submitted a new reform plan to its international creditors, a European official told CNBC Tuesday, as hopes of a deal pushed Greek shares as much as 2 percent higher.
It comes after months of gridlock between indebted Greece and the bodies overseeing its bailout program -- the European Commission, European Central Bank (ECB) and International Monetary Fund (IMF).
Greece is rapidly running out of money and has not yet received the last tranche of aid from its current bailout program because it has not implemented reforms that are a condition of the aid.
But a source, who did not want to be named due to the sensitive nature of the discussions, told CNBC that Greece had now submitted a reform plan made up of two documents.
"Greece has submitted two papers (to its creditors)," the European official told CNBC, confirming an earlier report by AFP.
One set of proposals concerns concrete measures, fiscal targets and the conclusion of the bailout review, the official said, and the other is on debt and financing Greece when its current bailout program comes to an end in June.
The benchmark Athens Composite index jumped over 2 percent in early Tuesday trade. It pared gains during the session to close around 0.6 percent higher, outperforming all other major European bourses.