Greece has submitted its promised detailed bailout proposal to its eurozone partners in a final bid to save its collapsing economy and its membership in the European single currency.

The bailout included a pensions overhaul and tax hikes in return for debt relief and a three-year rescue loan, a government source said early Friday.

European Union president Donald Tusk said that if Greece delivered, its creditors would have to drop their steadfast refusal to look at ways at managing the country’s massive €320 billion debt mountain, the ABC reported.

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The delivery of the proposal was before the deadline set for by 10:00pm Thursday GMT (8:00am AEST).

“The realistic proposal from Greece will have to be matched by an equally realistic proposal on debt sustainability from the creditors,” Mr Tusk said.

“Only then will we have a win-win situation.”

Prime Minister Alexis Tsipras vowed “concrete proposals, credible reforms, for a fair and viable solution” in his bailout request for billions of euros, the third plan Greece has asked for in five years.

But other eurozone nations, led by Germany, are sceptical about Greece meeting austerity conditions attached to the loans, especially after Greeks in weekend referendum backed Mr Tsipras’ past rejection of tough terms on its last bailout.

These nations refused to study debt relief or restructuring for Greece until it shows a commitment to reforms.

On Friday, the Greek parliament will be asked to authorise the PM and other senior officials to negotiate with the creditors on the basis of this latest bailout plan, state news agency ANA said.

Greece had been given a final chance to submit new bailout proposals by midnight on Thursday to save the country’s collapsing economy and stave off a humiliating exit from the eurozone.

Meanwhile, banks remain closed across the country and ATMs have a daily withdrawal limit of €60 per card holder.

The capital controls also ban overseas money transfers, isolating Greece and its population of 11 million from foreign suppliers of everything from food to medicine.

The 28 leaders of the European Union will discuss the proposals at a make-or-break summit on Sunday.

– with AAP