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Greece debt crisis: 'Last-minute talks after new offer' Greece debt crisis: 'Last-minute talks after new offer'
(about 1 hour later)
Last-minute talks are taking place in Athens over whether to accept an offer by creditors allowing Greece to repay part of its debt, Greek media say. The Greek government is in last-minute talks over whether to accept an offer that would let Greece repay part of its debt, local media say.
Greece is hours away from a deadline to repay a €1.6bn (£1.1bn) loan to the International Monetary Fund (IMF) - one it may miss.Greece is hours away from a deadline to repay a €1.6bn (£1.1bn) loan to the International Monetary Fund (IMF) - one it may miss.
One of Greece's creditors made a last-minute proposal of reforms on Monday, reports say. One of Greece's creditors, the European Commission (EC), said it made a last-minute proposal of reforms on Monday.
If Athens accepts the deal, it will free up cash to repay the €1.6bn.If Athens accepts the deal, it will free up cash to repay the €1.6bn.
Greek media say the government is in talks over the offer, made by European Commission President Jean-Claude Juncker late on Monday. A European Commission spokesman said the EC's president, Jean-Claude Juncker, was called by Greek Prime Minister Alexis Tsipras on Monday night.
One of the main points in the new offer is a change in terms to Ekas - a top-up given to poorer Greek pensioners. Athens does not want it scrapped before 2020, but Europe wants it phased out earlier. Mr Juncker then offered Greece the latest deal, with a midnight deadline. That has since expired.
The Ekathimerini newspaper initially said Greece's government "listened with interest to what was being proposed" but rejected the offer. However, Greek media say the government is still in talks over the offer.
But Greece's national broadcaster ERT said on Tuesday morning that discussions about the proposals were taking place "at the highest level" in Athens. The national broadcaster, ERT, said on Tuesday morning that discussions about the proposals were taking place "at the highest level" in Athens.
If a deal is not agreed, Greece will almost certainly not be able to repay the IMF, and would be in arrears. Greece's chief negotiator with its creditors, Euclid Tsakalotos, told the BBC's Europe editor Katya Adler he expected more proposals to be made.
Long queues of people are continuing to snake from many ATMs, with withdrawals capped at just €60 a day.
Up to 1,000 bank branches will re-open from Wednesday to allow pensioners - many of whom do not use bank cards - to withdraw up to €120.
The EC says the deal offered by Mr Juncker on Monday was identical to one made on Friday.
However, reports in Greece say the new offer is different to Friday's, and includes a change in terms to Ekas - a top-up given to poorer Greek pensioners.
Athens does not want it scrapped before 2020, but Europe wants it phased out earlier.
European Commission spokesman Margaritis Schinas said: "There may be still margins or not for further discussions."
Resignation hint
Talks between Greece and its creditors broke down last week, leading to Greek banks having to shut this week.Talks between Greece and its creditors broke down last week, leading to Greek banks having to shut this week.
A referendum is due to take place in Greece on Sunday over whether the country should accept the creditors' proposals A referendum is due to take place in Greece on Sunday over whether the country should accept the creditors' proposals.
EU leaders have warned that a rejection of the proposals would mean Greece leaving the eurozone - though Greek prime minister Alexis Tsipras says he does not want this to happen. EU leaders have warned that a rejection of the proposals would mean Greece leaving the eurozone - though Mr Tsipras says he does not want this to happen.
The EC says that if funds were to be released, Mr Tsipras and his party must back the "yes" vote in the referendum.
What will happen next?What will happen next?
01:00 Greek time Wednesday (22:00 GMT): Greece's €1.6bn repayment to the IMF is due.01:00 Greek time Wednesday (22:00 GMT): Greece's €1.6bn repayment to the IMF is due.
5 July - the referendum on creditors' proposals, and many say Greece's membership of the eurozone, takes place5 July - the referendum on creditors' proposals, and many say Greece's membership of the eurozone, takes place
20 July - Greece must redeem €3.46bn of bonds held by the European Central Bank. If it fails to do so, the ECB can cut off Greece's access to emergency loans.20 July - Greece must redeem €3.46bn of bonds held by the European Central Bank. If it fails to do so, the ECB can cut off Greece's access to emergency loans.
Speaking live on state TV on Monday evening, Mr Tsipras appealed to Greeks to reject the creditors' proposals, saying this would give Greece "more powerful weapons" to take to the negotiating table.Speaking live on state TV on Monday evening, Mr Tsipras appealed to Greeks to reject the creditors' proposals, saying this would give Greece "more powerful weapons" to take to the negotiating table.
"We ask you to reject it with all the might of your soul, with the greatest margin possible," he said.
Mr Tsipras also hinted strongly that he would resign if the result of the referendum was a "yes" vote.Mr Tsipras also hinted strongly that he would resign if the result of the referendum was a "yes" vote.
"If the Greek people want to proceed with austerity plans in perpetuity, which will leave us unable to lift our head... we will respect it, but we will not be the ones to carry it out," he said."If the Greek people want to proceed with austerity plans in perpetuity, which will leave us unable to lift our head... we will respect it, but we will not be the ones to carry it out," he said.
Some eurozone leaders, including the Italian prime minister and French president, voiced their concern on Monday that Greek voters would effectively be deciding next Sunday whether or not they wanted to stay in the eurozone.Some eurozone leaders, including the Italian prime minister and French president, voiced their concern on Monday that Greek voters would effectively be deciding next Sunday whether or not they wanted to stay in the eurozone.
Meanwhile, European Commission President Jean-Claude Juncker said he felt betrayed by the Tsipras-led government and called on Greek voters to oppose him.Meanwhile, European Commission President Jean-Claude Juncker said he felt betrayed by the Tsipras-led government and called on Greek voters to oppose him.
Days of turmoilDays of turmoil
Is Grexit nearer?Is Grexit nearer?
Katya Adler: A European divideKatya Adler: A European divide
Existential threat to euro from Greek exitExistential threat to euro from Greek exit
A guide to the key numbers and issuesA guide to the key numbers and issues
Greece's government has already been forced to order all banks to be closed until 6 July after the European Central Bank (ECB) decided not to extend its emergency funding.Greece's government has already been forced to order all banks to be closed until 6 July after the European Central Bank (ECB) decided not to extend its emergency funding.
The ECB is believed to have disbursed virtually all of its ceiling for funds, amounting to €89bn (£63bn). The ECB is believed to have disbursed virtually all of its emergency funds for Greece, amounting to €89bn (£63bn).
Long queues of people are continuing to snake from many ATMs, with withdrawals capped at just €60 a day. Lenders' proposals - key sticking points
Up to 1,000 bank branches will re-open from Wednesday to allow pensioners - many of whom do not use bank cards - to withdraw up to €120. Source: European Commission document, 26 Jun 15 (pdf)
The question facing Greece
The question which will be put to voters on Sunday will not be as simple as whether they want to stay in the euro or not - instead it asks Greeks to approve or reject the specific terms laid out by Greece's creditors:
"Should the agreement plan submitted by the European Commission, European Central Bank and the International Monetary Fund to the June 25 eurogroup and consisting of two parts, which form their single proposal, be accepted? The first document is titled 'Reforms for the completion of the Current Program and Beyond' and the second 'Preliminary Debt Sustainability Analysis'.
"Not approved/NO
"Approved/YES"
Trying to crack the puzzle of the Greek referendum question
Greek debt jargon explainedGreek debt jargon explained
The Athens stock exchange has also been closed as part of the emergency measures.
The government said it would make public transport free in the Athens area for a week while the banks are closed.
Stock markets in Europe continued to fall soon after opening on Tuesday, after closing down on Monday.
But Asian markets rebounded, with stock markets in Tokyo, Hong Kong and Seoul all rising compared to the previous day.
Are you in Greece? What are your concerns? Do you have friends and family in the country who may be affected? Email haveyoursay@bbc.co.uk with your experiences.Are you in Greece? What are your concerns? Do you have friends and family in the country who may be affected? Email haveyoursay@bbc.co.uk with your experiences.
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