A 47-page document put together by Greek Prime Minister Alexis Tsipras shows his government has requested that its primary budget surplus target should be cut to 0.6 per cent this year - a fraction of the three per cent figure currently put forward by the country's lenders.
A table in the document, published by Greek news site enikos.gr, shows Tsipras has requested the target be cut to 1.5 per cent in 2016, and 2.5 per cent in 2017, before hitting 3.15 per cent for the next five years.
Analysts have responded positively to the document, with Greek business analyst Yannis Koutsomitis saying he considers it a "serious proposal".
Greece is now less than 24 hours off a crucial deadline to make a €300m loan repayment to the International Monetary Fund (IMF). Without an agreement on austerity measures, it will be forced to default on its payment.
However, earlier today Greek finance minister Yanis Varoufakis pointed out that the country has a 30-day grace period to make the payment. "Objectively speaking, we have until 30 June," he told Sky News.