Most probably Greece will bring back to the table the rejected proposal even though EU Commission president Jean-Claude Juncker excluded such a possibility.
The Greek Prime Minister Alexis Tsipras was ready to accept the reforms demanded by Greece's EU/IMF creditors (increases in sales tax and reform of the country's pension system) but he will ask for some concessions in exchange.
Here's a list of Greek proposals:
* The Greek government will insist on its earlier proposal for a two-year bailout program from the European Stability Mechanism (ESM) to fully cover its financial needs and restructure the country's huge €322 billion debt (that stands at 177 per cent of Greece's GDP). The plan is said to include a call for debt to be cut by up to 30%, according to the BBC.
* Maintain the 30% VAT discount on Aegean islands which offsets the high cost of having to ship basic everyday goods long distances. Many other countries have similar reduced VAT schemes to support isolated territories (such as Spain’s concessions to the Canary Islands).
* Gradually reform the pension system and replace the solidarity grant (EKAS) by 2019.
* Further cuts on military spending will be postponed for 2016. Defense minister and leader of the government's junior coalition partner Panos Kammenos has threatened with resignation if cuts were implemented immediately.
* The Greek side might ask for a “bridge loan” until an agreement can be reached between Greece and its EU/IMF creditors.