Greece's Finance Minister Yanis Varoufakis sent a list of reform proposals to the euro zone at around midnight on Monday, just making a deadline set by its international creditors.
A Greek government source confirmed that the reform measures were sent to the Eurogroup of euro zone finance ministers for approval. They will also need to be approved by the so-called "troika" overseeing the country's bailout, made up of the International Monetary Fund, European Commission and European Central Bank.
A source close to the European Commission said they were "encouraged" by Greece's "strong commitment" to combat tax evasion and corruption, Reuters reported. These were among the proposals according to a list released by the Greek government's press office.
"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, according to Reuters.
Other proposals included pledges to reform tax policy, consolidate pension funds and to eliminate incentives for early retirement. In addition, the proposals include plans to review and control public spending, and commitments not to roll back privatizations that have been completed.
The Athens Stock Exchange was trading up 5.5 percent Tuesday following the news.