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1st LD Writethru: Greece proposes two-year debt deal with ESM to avert default: official

Xinhua, June 30, 2015 Adjust font size:

Greece's government proposed a two-year debt deal with the European Stability Mechanism (ESM) in a last-minute bid to avert the countdown to default and a possible Grexit, office of Greek Prime Minister Alexis Tsipras said on Tuesday.

"The Greek government proposed today a two-year agreement with the ESM to fully cover its financial needs, and a parallel debt restructuring," the e-mailed announcement said.

"The Greek government will seek until the end a viable solution within the euro zone. This is the message of No to a bad draft deal proposal on Sunday," the statement added.

The Greek government stressed that the decision to call on Saturday a referendum for July 5 on the draft agreement lenders made last week "was not the end of negotiations."

Greece remains at the negotiating table, the statement concluded.

The press release was issued a few hours before the extended Greek bailout expires on Tuesday midnight amid increased concern over a looming default and possible Grexit.

Earlier on Tuesday, Greek Finance Minister Yanis Varoufakis had said that Athens will not repay the loan installment due to International Monetary Fund Tuesday.

Greece's failure to meet its financial obligations to IMF for a second time in a month and pay off 1.5 billion euros (1.67 billion U.S dollars) in loan installments to the Fund could launch formal procedures to default in coming weeks. Endit