The Greek government is preparing to rush a package of economic reforms and austerity measures through parliament as early as today in a bid to convince its eurozone creditors it is committed to striking a deal for a third bailout that would save it from crashing out of the euro.

Greece’s cabinet approved the plan, which includes increases in value added tax and savings from public pensions demanded by creditors, yesterday evening before sending it to eurozone authorities. “We are ready to compromise,” prime minister Alexis Tsipras told his cabinet colleagues, Greek media reported.

But Mr Tsipras could see his anti-austerity Syriza party split over the promised reforms. Greek media reported that Panagiotis Lafazanis, energy minister and leader of the hard-left faction, told his cabinet colleagues he could not support the plan. Syriza is to hold a meeting of its MPs early this morning.