European creditors say a deal to prevent Greece from defaulting on its debts could be reached in the next 48 hours. Greece’s latest offer reportedly includes new taxes on businesses and the wealthy, and a pension reform plan which increases contributions and restricts early retirement but does not change the pension rate. European Council President Donald Tusk expressed support for the measures.

Donald Tusk: “The new Greek proposals to the three institutions are a positive step forward, according to the initial assessment of the institutions. They will be further assessed over the coming hours. Work must now proceed swiftly in the Eurogroup. Prime Minister Tsipras and the institutions will work together now so that the Eurogroup can achieve results on Wednesday evening that can be presented Thursday morning.”