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The key proposals that could swing it for Greece

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In a last-ditch attempt to avoid sending the country into bankruptcy, the Greek government late Thursday submitted a final set of reform proposals to its international creditors in the hope of unlocking much-needed bailout cash.

The European Union has set a deadline of Sunday for Greece and its lenders – its fellow euro zone countries, the European Central Bank and the International Monetary Fund – to reach a deal or risk fracturing the single currency union.

Guy Verhofstadt, MEP and former Belgian Prime Minister, told CNBC that the new Greek proposals were better than earlier versions.

"On a number of issues they are more credible than the previous proposals," he said. "I think that things have dramatically changed with these new proposals...I think the creditors have to accept this."

Here, CNBC takes a look at the highlights of the latest Greek plan:

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