The plan was submitted to the Eurogroup chair Jeroen Dijsselbloem two hours ahead of a midnight deadline last night.
The heads of all 28 EU member states will discuss the proposals at a “decisive” summit on Sunday, but they must first be approved by the Greek parliament.
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The proposals also include plans to privatise ports and airports and an end to tax cuts for the islands.
If a deal isn't reached by the weekend the country could leave the Euro.
However a former Tipperary Oireachtas member is hopeful of a breakthrough.
Martin Mansergh was Minister of State at the Department of Finance from 2008 to 2010.
He says neither side will want Greece to exit the Euro.
