EU Economics Commissioner Pierre Moscovici is hopeful that a new Greek bailout deal is possible, in exchange for "concrete, complete" reform proposals from Greece's government.
Moscovici said Thursday on France-Inter radio that Thursday is "a decisive day" for Europe, as Greece's creditors await a detailed economic reform plan from Greek Prime Minister Alexis Tsipras' government before a midnight deadline.
Moscovici said, "I have the sense that the dialogue is established, or restored, and that there is a way out." Failure to reach a deal could be the first step toward Greece leaving the shared euro currency.
Greece requested a new three-year rescue from its European partners Wednesday. International creditors disagree over whether to award the country debt relief. Moscovici said that is not currently under discussion.