The plans are aimed at staving off a possible Greek exit from the eurozone.
Greek PM Alexis Tsipras will put the plans, which contains many elements rejected in a referendum last Sunday, to a vote in parliament on Friday.
The prime minister submitted the proposals to Greece's creditors - the European Commission, the European Central Bank and the International Monetary Fund - by the Thursday deadline they had set.
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European Commission President Jean-Claude Juncker, European Central Bank President Mario Draghi, International Monetary Fund head Christine Lagarde and Mr Dijsselbloem were scheduled to hold a conference call on the new proposals at 11:00 GMT.
Mr Dijsselbloem said the new Greek paper was "a thorough piece of text" and that support from the Greek parliament would give it "more credibility".
"But even then we need to consider carefully whether the proposal is good and if the numbers add up. We have to make a major decision. Whichever way."
Analysis: Robert Peston, BBC economics editor
Only a few days ago Mr Tsipras won an overwhelming mandate from the Greek people, in a referendum, to reject more-or-less these bailout terms.
And today, on the back of that popular vote, he is signing up to the supposedly hated bailout. This is big politics that would make Lewis Carroll proud.
But here's the point. If a way isn't found to allow the banks to reopen within days - and the ECB simply maintaining Emergency Liquidity Assistance won't come anywhere near to achieving that - the Greek economy will implode so that any bailout deal agreed this weekend will become irrelevant in weeks.
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Eurozone finance ministers meet in Brussels on Saturday. A meeting of Eurogroup leaders is scheduled for Sunday afternoon, followed by a full EU summit two hours later.
Italian Prime Minister Matteo Renzi said he was optimistic and hoped a deal could be struck on Saturday so that the Sunday meetings would not be needed.
French President Francois Hollande said the new proposals were "serious and credible" and that the "Greeks have just shown their determination to remain in the eurozone".