Athens' proposals are just one side of the story, however, with Greece's creditors suggesting their own for the struggling nation.
On Thursday, Greece asked to bundle its four debt payments to the IMF due in June so that it can pay them all together at the end of the month, according to Greek newspaper Kathimerini.
The request is expected to be approved by the IMF, the newspaper said. That would mean Greece does not have to pay the first tranche of 300 million euros that falls due on Friday.
A deal between cash-strapped Greece and its lenders over reforms is apparently "close," but differences over the detail—and questions over whether they can be reconciled—still remain.
Hopes of an agreement between Greece and the bodies overseeing its aid—the European Commission, European Central Bank (ECB) and International Monetary Fund (IMF)—were raised on Wednesday after the lenders appeared to be ready to compromise, offering Greece room for maneuver on certain aspects of its bailout program.
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As details of creditors' proposals emerged on Wednesday, Greek Prime Minister Alexis Tsipras traveled to Brussels to meet with the Commission President, Jean-Claude Juncker, to discuss the ongoing impasse between the two sides over reforms and the future of Greece's bailout.
On Thursday Tsipras announced that he would not be in Brussels on Friday, as previously planned, to continue negotiations, an EU official said.
"There will be no meeting tomorrow. The Greeks last night agreed to send a compromise on how to solve the few outstanding issues. They did not. So tomorrow no meeting is possible," the official said.
"The bundling of payments is not a good sign, it will be difficult from here on," the EU official said.