Greek PM Alexis Tsipras said he has sent a "comprehensive proposal" to the country's international creditors after a meeting with cabinet ministers last night (1 June) and he said the decision now lies with the lenders.
On 1 June, the head of the International Monetary Fund, the European Central Bank (ECB), and the European commission held a meeting in Berlin with German chancellor Angela Merkel and French President Francois Hollande as Greece's first IMF repayment deadline of June approaches.
Tsipras held a press conference in Athens about the creditors' meeting.
The attendance of the heads of all three Troika organs underlined the importance of the increasing pressure on a deal before the IMF repayment deadline on Friday (5 June) for Greece, which should see them repay €300m (£216m, $329m).
"The fact that five such political and financial heavyweights met about Greece means they are trying to force a break in the political deadlock and that's a positive development that's likely to lift risk sentiment. But we will have to wait to see the Greek reaction," KBS strategist Mathias van der Jeugt told the Guardian.
An official told German national newspaper die Welt that the meeting with the European decision makers was aimed at making Greece a final offer, but now Athens has brought its own proposal to the table.
Tsipras said that Greece's proposal is realistic and concessions on Athens's part have already been made.
The steps towards a compromise between Greece and its creditors angered several Syriza MPs. Leaders in the ruling party said they want a re-election if Tsipras decides to give in too much to its creditors.
Labour minister Panos Skourletis told Greek broadcast network Skai TV: "When you are elected you are not given carte blanche. If a deal is achieved that is not considered honourable and is not promoting a compromise, the people will have to be asked before we sign it."
Forex strategist at Bloomberg Vassilis Karamanis said that the creditors expect to finalise their proposal to Athens today (2 June).