Greece's new coalition government is to submit its draft 2016 budget to parliament, which will include a series of reforms required under the country's new three-year, 86 billion euro ($96 billion) international bailout.

Prime Minister Alexis Tsipras, re-elected last month, is also to announce his government's policies during a parliament speech Monday evening.

The new budget is expected to include the abolition of certain tax breaks as well as increases in taxation and a tightening of laws on tax avoidance and evasion.

Finance ministers from eurozone countries, known as the Eurogroup, are to meet in Luxembourg later Monday to discuss the measures Greece must take to comply with its bailout. Beforehand, Finance Minister Euclid Tsakalotos was to meet with Eurogroup head Jeroen Dijsselbloem and French Finance Minister Michel Sapin.