French President Francois Hollande said Friday that the Greek government's proposals for a debt deal with its lenders to avoid a looming bankruptcy and exit from the euro zone are "serious and credible."

"Euro is a project, an idea and a conviction that makes us stronger together," said Hollande, who also affirmed that the Greeks should understand that reforms were "indispensable."

"When a country (Greece) encounters difficulties, we must reach out to it as it is at the heart of our European ideal," the French president added.

"France wants to do everything so that there is a good agreement," said Hollande, stressing that "nothing is done yet but everything must be done."

The Greek government's reforms package was submitted late Thursday night to the relevant international institutions and the Greek parliament.

The new policy commitments and actions to be taken in consultation with the institutions foresee primary surplus targets of 1 percent, 2 percent, 3 percent and 3.5 percent of the GDP in 2015, 2016, 2017 and 2018 respectively.

The package Athens proposes in exchange for an aid worth 53.5 billion euros (about 59.7 billion US dollars) over the next three years also includes a VAT (value-added tax) reform, other tax policy measures, pension reforms, public administration reforms, and reforms addressing shortfalls in tax collection enforcement and privatizations.