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:
A key battleground in negotiations – new proposals put more items in the 23 percent sales tax bracket, and crucially agree to eliminate lower sales taxes on the country's islands.
Step up efforts to crack down on income tax avoidance, increase corporate tax from 26 percent to 28 percent and abolish farmers' fuel subsidies. Also, introduce a tax on television advertisements.
Increase the rate of tonnage tax and phase out the industry's special tax treatments.
Make it increasingly difficult to retire early, including early retirement penalties. Increase the statutory retirement age to 67 by 2022, or 62 years old if you've made 40 years of contributions.
Stop the restrictions on the number of engineers, notaries, actuaries, and bailiffs and align benefits such as annual leave, travel allowances and perks with the rest of the EU.
Increase competition on wholesale trade, construction, e-commerce and media markets; reduce red tape for businesses and introduce a one-stop advice shop for business; and overhaul the country's gas supply industry.
Resume plans to sell off the ports of Pireaus, Thessaloniki and Hellinikon, the state's stake in telecoms company OTE and the country's regional airports.