The main question now is the detail of what Greece has submitted. It's it's a request for an extension of the existing bailout then it's a massive climb-down for the radical new government.
The bailout agreement as it stands is tied to significant austerity and economic reform policies that the government wants scrapped and rolled back, so up until now at least, they were refusing to agree to any continuation of the existing programme.
If the submission is for an extension on the loan element of the existing package alone, with renegotiated conditions or none at all, it's extremely likely to be shot down by the eurogroup (the finance ministers of each eurozone state). Greek finance minister Yanis Varoufakis wanted a "bridging loan" without conditions to tide Athens over while a wider debt negotiation could be agreed.