ANKARA 

Eurozone finance ministers will hold a teleconference in Brussels at 1700GMT to pronounce on Greece's latest proposals for the bailout, according to a tweet from Eurogroup head Jeroen Dijsselbloem on Tuesday.

The latest Greek bailout proposals, a last-ditch effort made hours before a default on Greece's obligations to the IMF, involve a two-year long bailout plan in collaboration with the European Financial Stability Facility, a crisis fund available to Member States.

The Greek proposal details have not been made public, but they reportedly involve debt restructuring along with coverage for the country's immediate financial needs.

Greece may also cancel the referendum on the bailout scheduled for Sunday if a deal can be struck on Tuesday, Alternate Foreign Minister Euclid Tsakalotos said on Tuesday.