France calls Greek proposal 'serious and credible'

French President Francois Hollande voiced his optimism for the Eurogroup to reach an agreement over Greece's bailout based on the economic program presented by Athens on Thursday, which he called "serious and credible", Efe news agency reported on Friday

"They (Greece) showed determination to stay in the eurozone, discussions must resume with the will to settle," Hollande said, adding that the issue required "discipline" while still reaching out to a country in need.

The president's reaction came after the Greek government under Prime Minister Alexis Tsipras sent its European partners a settlement proposal that included reforms in pension and value added tax (VAT) system and a reduction in the defence budget.

However, Hollande told reporters in Paris that "the coming hours will be important" because nothing has yet been achieved.

Hollande, from the camp less critical of Greece compared to other Eurozone countries, pledged France would do everything in its power to reach a proper and reasonable agreement.