The Greek government is facing a Monday deadline to come up with credible reform proposals to extend the existing bailout deal and the drafting of a new one.

Prime Minister Alexis Tsipras will be meeting his inner cabinet of 10 ministers later Saturday to discuss the reform proposals.

The agreement to extend the country's rescue loans, although conditional, was greeted with relief by many people as a first step forward and away from the crushing austerity of recent years.

Others were more skeptical, wondering whether the left-wing Syriza government will be able to keep even a fraction of its promises and how it will find the money to finance them.