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Greece debt crisis: 'Last-minute deal sought' Greece debt crisis: Athens seeks new last-minute deal
(34 minutes later)
The Greek government is reportedly planning to request a new two-year bailout deal from the eurozone. The Greek government has requested a new bailout deal from the eurozone, just hours before its bailout expires and it must repay €1.6bn (£1.1bn) to the International Monetary Fund (IMF).
It comes just hours ahead of a deadline to repay €1.6bn (£1.1bn) to the International Monetary Fund (IMF). Greece is reportedly asking for a new two-year aid deal from a bailout mechanism for eurozone countries.
Reports of the move to call for aid from the European Stability Mechanism (ESM) emerged as Greek leaders held talks over the European Commission's latest proposal for economic reforms. Eurozone finance ministers will discuss the Greek offer in a teleconference on Tuesday evening.
If Athens accepts the EC deal, it will free up cash to repay the €1.6bn. If it fails to repay the IMF loan, Greece risks leaving the euro.
The European Commission, which is one of Greece's creditors, wants Athens to raise taxes and cut welfare spending.
Amid fears of a Greek default on its huge public debt of €323bn - and a possible exit from the euro - long queues of people are continuing to snake from many cash machines in Greece, where withdrawals are capped at just €60 a day.Amid fears of a Greek default on its huge public debt of €323bn - and a possible exit from the euro - long queues of people are continuing to snake from many cash machines in Greece, where withdrawals are capped at just €60 a day.
Greek banks were shut this week after talks between Greece and its creditors broke down. Greek banks did not open this week after talks between Greece and its creditors broke down.
However, 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.However, 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.
A European Commission spokesman said the commission's president, Jean-Claude Juncker, was called by Greek Prime Minister Alexis Tsipras on Monday night. The European Commission offered a slightly amended deal to Greece late on Monday night, which the Greek government did not accept.
The European Commission says the deal offered by Mr Juncker on Monday was identical to one made on Friday. Instead, Greece responded with a request for a two-year deal under the European Stability Mechanism (ESM), the bailout mechanism for eurozone countries whose aim is to maintain the stability of the euro.
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. The ESM did not exist when Greece was bailed out in 2010 and 2012.
The ESM, subject of the latest Greek proposal, provides financial assistance to eurozone members in order to keep the euro stable. It did not exist when Greece was bailed out in 2010 and 2012. Eurozone finance ministers will discuss the offer in a teleconference at 1700 GMT, Dutch Finance Minister Jeroen Dijsselbloem announced.
Resignation hint However, German Chancellor Angela Merkel has reportedly told German MPs that the eurozone's wealthiest member will not enter into new aid negotiations with Greece before its weekend referendum.
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 its tcreditors' proposals.
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. EU leaders have warned that a rejection 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.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. On Monday Mr Tsipras appealed to Greeks to reject the creditors' proposals, saying this would give Greece "more powerful weapons" in negotiations.
Mr Tsipras also hinted strongly that he would resign if the result of the referendum was a "yes" vote. He also hinted 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.
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.
The ECB is believed to have disbursed virtually all of its emergency funds for Greece, amounting to €89bn (£63bn).The ECB is believed to have disbursed virtually all of its emergency funds for Greece, amounting to €89bn (£63bn).
Days of turmoilDays of turmoil
Is Grexit nearer?Is Grexit nearer?
Katya Adler: A European divide KAdler: 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
Lenders' proposals - key sticking pointsLenders' proposals - key sticking points
Source: European Commission document, 26 Jun 15 (pdf)Source: European Commission document, 26 Jun 15 (pdf)
Greek debt jargon explainedGreek debt jargon explained
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