France says Greek reforms are improved - but can go further

After Greek government submits new reform plan to international creditors, French finance minister says the list is 'better than last time'.

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French finance minister Michel Sapin said on Thursday that Greece's pledges for economic overhauls have improved, but still don't go far enough, reports The Australian.

The Greek government submitted a plan to its international creditors on Wednesday, including measures to raise taxes as well as new spending. 

"The list is better than last time," Mr Sapin said at a news briefing in France. "The question is can they progress further? The answer is yes, they can still go further," he added. 

The French finance minister said all negotiators are nevertheless working on the hypothesis that Greece remains in the euro. A Greek exit would have serious economic consequences around European economies, and it would also mark a political failure for a currency bloc that has a vocation to expand rather than contract, Mr Sapin said.

Still, asked whether Greece could fall victim of a so-called Graccident -- Greece exiting the euro involuntarily -- Mr Sapin said the possibility couldn't be ruled out.