Juncker makes last-ditch offer to Tsipras to prevent Grexit

European Commission President Jean-Claude Juncker gave Greek Prime Minister Alexis Tsipras a last-minute offer to reach a bailout agreement deadline expires, European Union and Greek government sources said. Under the offer, Tsipras will be required to sent a written acceptance by Tuesday, in time for an emergency meeting of the Eurogroup of Eurozone finance ministers to be held, and agree to campaign in favour of the bailout in the planned July 5 referendum.

However, there was little sign that Tsipras was prepared to drop his repeated rejections of the bailout offer, which he has dismissed as a "humiliation" for Greece. A Greek government official said that it listened with interest to what was being proposed but said: "Alexis Tsipras will vote "no" on Sunday".

Tsipras would have to send a written acceptance of the version of proposals from the lenders published on Sunday, with a pledge to campaign for them to be accepted in the planned July 5 referendum. The offer published on Sunday incorporated a proposal from Greece that would set value-added tax rates on hotels at 13%, rather than at 23% as originally planned in the lenders' proposals. It was not immediately clear whether there would be any additional changes. If the offer were accepted, the Eurozone finance ministers could adopt a statement saying that a 2012 pledge to consider stretching out loan maturities, lowering interest rates and extending an interest payment moratorium on Eurozone loans to Greece would be implemented in October. The offer would be conditional on a letter to Juncker, Eurogroup chairman Jeroen Dijsselbloem, German Chancellor Angela Merkel and French President Francois Hollande arriving in time to arrange an emergency meeting of the Eurogroup on Tuesday.