Greece is widely expected to miss a crucial payment to the International Monetary Fund (IMF) on Tuesday – hours before its bailout officially ends at midnight and the country is left with few, if any, financial lifelines.
Greek officials have already warned the country is unable to pay the 1.6 billion euros ($1.7 billion) due to the IMF by 6 p.m. ET, after reforms-for-aid talks with creditors broke down at the weekend.
Overnight, European Commission President Jean-Claude Juncker made a last-minute offer to Athens, European Union and Greek government sources told Reuters.
Greek media reported early Tuesday that the government would return to the negotiating table, although this was unconfirmed. If true, it would mark something of a u-turn for Tsipras, who rejected the same proposals from creditors at the weekend and called a snap referendum on the bailout program and austerity measures.
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