Greek deal with euro zone likely this week: EU's Schulz

Greece has pledged to present a package of proposed reforms for its ailing economy by next Monday, in a bid to win fresh aid from its creditors and avoid a debt default which policymakers fear could force it out of the euro zone.

"I think by the end of this week a new deal will be reached that should be sufficient to release the most urgent financing," Schulz was quoted as saying by Italian newspaper La Repubblica.

Schulz said Greece would then have "not more than three months" to present a "credible, detailed and definitive" plan.

(Reporting by Isla Binnie; Editing by Andrew Heavens)