The Greek government today submitted a proposal to creditors that includes a new two-year aid programme which provides for a restructuring of Greek debt.
The news from Reuters cities a statement from the office of the Greek prime minister, Alexis Tsipras.
The proposal is a last-ditch effort to resolve the impasse with creditors.
"The Greek government today proposed a two year deal with the European Stability Mechanism to cover its financial needs and at the same time provide for debt restructuring," the government said.
The Greek government said it remains at the negotiating table and is seeking a "viable solution to remain in the euro."
Today, Alexis Tsipras has been in contact with creditors to seek a last minute agreement although his finance minister said that Greece would not pay the €1.5 billion IMF tranche that was payable on Tuesday, making Greece the first country ever to go into arrears with the fund.
In response to the Greek proposal, the chairman of the Eurogroup, Jeroen Dijsselbloem, spoke to the eurogroup finance ministers on a conference call to discuss the Greek proposals.
Dijsselbloem confirmed that Athens will submit a proposal to be discussed tomorrow but that the first thoughts of the eurogroup were "skeptical.”
The finance ministers have not closed the door on Greece but require more information before negotiating a third rescue.
The Minister of Finance of Finland said that two of the three requests from the Greek Government did not receive endorsement: the extension of the programme and the debt restructuring, but the request via the European Stability Mechanism for a new programme "is always possible through the normal procedures."
If this third bailout is approved it still will have to wait for the outcome of the Greek referendum.
German Chancellor Angela Merkel said this afternoon that Germany will not negotiate until the result of the referendum is known.