European stocks pared losses to close largely higher on Wednesday, after Greek Prime Minister Alexis Tsipras said he had submitted reform proposals to creditors, with "concrete" plans hopefully due in the coming days.
The pan-European Stoxx 600 closed around the flat line, despite trading both in the green and red during Wednesday's session.
Meanwhile, stocks in Italy—whose economy is viewed as more vulnerable to contagion from Greece—outperformed other bourses, with the benchmark FTSE MIB ending up around 2.6 percent.
Across the Atlantic however, U.S. stocks fell about 1 percent on Wednesday, as continued concerns about Greece and the extended selloff in the Chinese market hit investor sentiment. Trading was then suspended on the New York Stock Exchange, possibly because of technical malfunctions
Tsipras told lawmakers in the European Parliament that Greece would submit "concrete" reform proposals in the coming days. The prime minister's speech was viewed positively by the markets, as he vowed to tackle unsustainable public debt and vested interests in the country.