Greece submitted a 7-page revised proposal, 3 pages on fiscal issues & 4 pages on covering funding gap
The interesting part is the buyback price. The bonds' nominal value is €27bn but were bought by ECB & EZ NCBs at far lower prices.
There is no possibility for ESM/ECB's GGBs swap. The only possible way is an ESM loan to Greece so that it buys back those bonds.
If ECB & Eurozone NCBs sell back SMP GGBs to Greece at purchase price, they can save Greece ~5% of its debt/GDP.