Greece to present reforms draft to creditors to unlock loans

Greece says it will discuss with its creditors on Thursday a draft bill of reforms it hopes will earn their approval and pave the way for the unlocking of vitally needed bailout funds.

The draft bill is expected to include measures proposed by Finance Minister Yanis Varoufakis during the negotiations with creditors, which have dragged on for over three months and raised concerns the country might not get the loans in time to avoid a debt default.

The bill will be discussed with representatives of the International Monetary Fund, European Central Bank and European Commission in Brussels on Thursday, two government officials said. The Greek Cabinet is also due to discuss it in Athens.

"The aim of the negotiation at all levels is the achievement of a mutually beneficial agreement," one official said Wednesday, speaking on condition of anonymity in accordance with government regulations. "The Greek government is optimistic that this will be achieved soon."

Time is running out. Greece faces nearly 1 billion euros ($1.1 billion) in debt repayments to the IMF by May 12. It is expected to be able to meet the repayment as well as this month's state pensions and salaries if it raises as much as it expects from a plan to use cash reserves from state enterprises.

But Greece will have trouble finding the money to keep the country running and pay off debts for much longer, as it is locked out of international borrowing markets by sky-high interest rates, which reflect investor fears of a default.

Uncertainty over Greeces future has grown since late last year, when early elections were called for January, and led to a slow-motion bank run.

A report released Wednesday showed deposits have fallen by almost a fifth since December,...