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 ($1.8 billion) due to the IMF by 6 p.m. ET, after reforms-for-aid talks with creditors broke down at the weekend.
The Greek government on Tuesday proposed a new, two-year bailout deal with the European Stability Mechanism. This would be to "fully cover its financing needs and the simultaneous restructuring of debt," according to a translated press release from the office of the Greek Prime Minister.
Jeroen Dijsselbloem, the president of the Eurogroup, subsequently tweeted on Tuesday that there would be a teleconference to discuss an "official request" from the Greek government "received this afternoon" at 1 p.m. ET.
Extraordinary Eurogroup teleconference tonight 19:00 Brussels time to discuss official request of Greek government received this afternoon.