Greek government has submitted a proposal to the ESM for a two-year deal

The Office of the Prime Minister of Greece announced on Tuesday afternoon that the Greek government has submitted a proposal to the European Stability Mechanism for a two-year deal.

“The Greek government today proposed a two-year deal with the European Stability Mechanism for the full coverage of its financial needs and simultaneous debt restructuring,” the announcement from the office of Prime Minister says. “The Greek government will seek a liveable solution within the Euro until the end. This will also be the message of No to a bad deal, during Sunday’s referendum.”

In response to Greece’s request, Jeroen Dijsselbloem announced that Eurogroup will hold a conference call 7 p.m. on Brussels.

At the same time Reuters News Agency tweeted that a source reported that German Chancellor Angela Merkel said there will be no further developments on Greece today.

Earlier today Greek Finance Minister Yanis Varoufakis had said Greece would not make the 1.6-billion-euro payment to International Monetary Fund, due at 6 p.m. Eastern Time.