Withdrawal from the European Union

Lawmakers in Germany have overwhelmingly voted for a four-month extension of the bailout program agreed between Greece and the "Troika" of international lenders.

Out of 631 lawmakers present, 542 approved, with 32 against and 13 choosing to abstain.

German Chancellor Angela Merkel on Wednesday welcomed as a "starting point" reform pledges made by Greece in return for a four-month extension to its bailout program.

"This is good news considering what was being said only weeks ago," Merkel said, adding however that "much work lies ahead" in talks between Athens and its international creditors.

German Chancellor Angela Merkel has asked her conservative Christian Democratic Union to support the proposed extension of Greece's bailout programme in a parliament vote this week, AFP reported on Tuesday.

The eurozone finance ministers earlier in the day approved a four-month extension of the financial rescue programme for Greece after Athens issued a list of reform proposals.

The Wall Street Journal reports that the Greek government's awaited reform lists was pushed back to Tuesday morning as Greece failed to meet the Monday deadline. Eurozone finance ministers are due to review the proposed reforms to be put into place in exchange for continued funding for its 240-billion-euro bailout for another few months. Officials in Athens played down the missed deadline.

Greece's eurozone future was on the line on Feb. 24 as international creditors scrutinised a list of reforms to see if Athens has done enough to deserve an extension to its bailout programme.
      

Greece was to hand in a delayed list of proposed reforms Feb. 24 morning aimed at winning a four-month extension of its massive bailout -- after missing a Monday deadline set by its international lenders.
      

Greece will miss Monday's deadline for submitting a list of draft reforms aimed at securing an extension of its bailout programme and will send the list to its eurozone partners on Tuesday morning, according to insiders.

The list must be approved by international creditors to secure a four-month loan extension and help Greece avert bankruptcy.

Deutsche Bank has circulated a chart describing the five necessary steps in order for Greece to avoid an exit from the Eurozone, the financial markets' "bogeyman" known as "Grexit".

-The first step is a short-term bailout extension, or "loan agreement" extension, as Athens prefers to call it.

By Xenia Kounalaki

Greece has made every effort to reach a mutually beneficial agreement with its euro zone partners but will not be pushed to implement its old bailout program, its government spokesman said on Friday.

"The Greek government has done all it should at every level in an effort to find a mutually beneficial solution," government spokesman Gabriel Sakellaridis told Mega TV.