The eurozone finance minister will discuss at an emergency conference call the latest Greek proposal, which was submitted by the government in Athens earlier on Tuesday.

Eurogroup Predient Jeroen Dijsselbloem announced that an extraordinary Eurogroup teleconference will be held to discuss the proposal of the Greek government, daily Kathimerini reports.

The news of the proposal and the subsequent convocation of the Eurogroup come just hours before Greece is expected to default on its IMF debt repayment, which falls due later on Tuesday.

In the latest proposal, Greek Prime Minister Alexis Tsipras asked for a two-year EUR 29.1 B rescue deal with the European Stability Mechanism (ESM) to fully cover its financial needs and with parallel debt restructuring.

Tsipras also requested a short extension of the country's current bailout programme to avoid a "technical default" of its IMF debt repayment, which amounts to EUR 1.6 B.

At the same time, German Chancellor Angela Merkel reportedly said that Berlin will not enter into new aid negotiations with Greece, before Athens holds the bailout referendum, which is scheduled to take place on Sunday.

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