The heads of the European Commission (EC), International Monetary Fund (IMF), European Central Bank (ECB) and the eurozone are to review a reform package offered by Athens to the lenders.

EC spokesman Margaritis Schinas said on Friday the lenders were now studying the Greek proposals ahead of a meeting in Brussels Saturday of the Eurogroup, the 19-nation eurozone finance ministers.

They are "currently analyzing these proposals to submit their assessments to the Eurogroup by the end of the day," Schinas said.

Eurogroup chairman Jeroen Dijsselbloem had forwarded Greek Prime Minister Alexis Tsipras’s plan to the EC, the IMF and the ECB late on Thursday.

Dijsselbloem said the package is "extensive" and "really needs to be judged."

The Greek prime minister handed in the reform package to Dijsselbloem just two hours before a midnight deadline on Thursday. In it, Athens agrees to meet most of the demands made by creditors in exchange for a bailout of 53.5 billion euros ($59.5 billion).

Initial reactions to Athens' proposals were mixed.

Mixed reactions

Germany poured cold water on those hopeful of closing a deal saying Berlin has simply "taken note" of Athens' latest offer.

German chancellery spokesman Steffen Seibert said Friday it was too soon to accept the package, but Berlin had "taken note of" the latest offer presented to the lenders.

"We cannot comment on their content yet," Seibert said.

German Finance Ministry spokesman Martin Jaeger said Berlin will wait and see how eurozone finance ministers would assess the latest Greek offer.

"The outcome of the eurogroup meeting on Saturday is completely open," he said, adding skeptically, "We see very little leeway in terms of restructuring, re-profiling (of Greece's debt) and the like."

German government officials have repeatedly ruled out any debt restructuring for Greece, arguing that Athens has already had more than one chance to pay its debts if it wanted to.

Meanwhile, other European capitals have displayed an upbeat assessment of Greece's proposals aimed to resolve the country's crippling debt crisis.

French President Francois Hollande has welcomed the Greek proposals calling them "serious and credible."

Athens set to accept conditions

In the Greek capital, Athens, Tsipras met with members of parliament from his Syriza coalition Friday, urging his anti-austerity party to support the last-ditch plan offered to the international lenders last night.

"We are confronted with crucial decisions… Our mandate is to bring a better deal than the ultimatum that the Eurogroup gave us, but certainly our mandate is not to take Greece out of the eurozone."

The new reform package submitted last night is quite similar to the austerity measures his leftist party and the Greek people have been trying to reduce for months, in return for the much needed bailout.

Greece's offer includes both changes in government income and expenditures, including changes to VAT,  tax exemptions on its popular tourist islands, raising corporation tax to 28% and raising the retirement age to 67.

If Greece fails to reach an agreement with the international lenders backed by the leaders of the bloc, with Germany at the helm, the country may be forced to exit the eurozone monetary regime, tarnishing the group's image of unity.