Greece debt crisis: European Commissioner promises 'there is a way out'... but economists say Grexit likely

Greece appeared to blink first Wednesday with an application for emergency funding

Greek Prime Minister Alexis Tsipras attends a debate at the European Parliament in Strasbourg on Wednesday (Reuters)

All eyes were on Greece on Thursday to submit detailed reform plans just four days before the EU Summit that is said to be Greece’s very last chance.

European lenders reacted positively to Greece’s application for emergency funding from the European Stability Mechanism on Wednesday. On French radio, Pierre Moscovici, the European Commissioner for economic affairs, said that they were waiting for a “concrete, complete” plan from Tsipras.

“I have the sense that the dialogue is established, or restored, and that there is a way out,” Moscovici said.

In the letter sent to the ESM, the Athens government said it would “set out in detail its proposals for a comprehensive and specific reform agenda” that would avert national bankruptcy and an exit from the euro. These would include reforms to the tax and pension system, the letter promised.

Ministers were poised to received an exact timetable for reforms on Thursday.

Athens has yet to submit a comprehensive proposal to creditors after Greeks voters overhwelmingly rejected previous bailout terms (Getty)

Banks in Greece will remain closed until Monday, Tsipras has said, signalling that without the emergency funding they do not hold enough cash to reopen.

The majority of economists now believe Greece will be forced to leave the Eurozone, according to a poll by Reuters on Wednesday. The 57 economists asked gave a median 55 per cent chance of Greece leaving the Eurozone. Reuters said it was the first time the balance had tipped to the likelihood of a so-called Grexit.