French President Francois Hollande on Friday hailed Greek government's new proposals as "serious and credible" to win a fresh financial aid and avoid a bankruptcy.

Hollande who has repeatedly refused a Grexit, urged immediate talks between Athens and its lenders to strike a debt deal during an emergency European summit on Sunday.

"The Greeks have just shown their determination to remain in the euro zone, since the program they are putting forward is serious and credible," Hollande said.

The Socialist leader noted that the decision to put the proposed reforms to the Greek parliament showed "strength, commitment and indeed courage."

In a last chance to bridge differences with creditors and put the debt-ridden country again on its feet, the Leftist Greek Premier Alexis Tsipras proposed increased tax, VAT rise for Hotels and restaurants, pension reforms, public administration reforms and privatizations.

France's top official promised to "do everything to get a good deal, a deal that respects European rules and respects the Greeks, too, because they have suffered a great deal for several years, and at the same time they have to understand that reforms are essential".