Juncker makes a last-minute offer as Tsipras pushes for 'no' vote in referendum

European Commission head Jean-Claude Juncker late on Monday made a last-minute offer to the Hellenic nation in a bid to reach a bailout deal before the current programme expires on Tuesday, EU and Greek government sources said.

Under the offer, Greek Prime Minister Alexis Tsipras would have to send a written acceptance by Tuesday and urge Greek people to vote in favour of the country applying measures imposed by its creditors on the referendum it will hold on 5 July.

Read more: Greek MPs vote in favour of 5 July referendum on bailout terms

This is the Greek referendum ballot:

Should the draft agreement submitted by the European Commission, the European Central Bank and the International Monetary Fund on 25.06.2015 that consists of two parts be accepted?

The first document is titled "Reforms for the completion of the current program and beyond'' and the second "Preliminary Debt Sustainability Analysis''

Answer boxes: Not approved/NO - Approved/YES

Juncker had earlier on Monday said that he felt “betrayed” by the “egotism” showed by Greece's negotiators, after the country failed to reach an agreement with its international creditors to unlock further aid.

Read more: Juncker feels "betrayed" by Greece

Politicians from Germany, Italy and France urged the Greeks to vote 'yes', insisting that the poll was not about whether Greece could secure more favourable bailout terms but about the country's continued membership to the Eurozone.

Meanwhile, Tsipras appealed to Greeks to reject the creditors' proposals, assuring this would give the country “more powerful weapons” to negotiate.

We ask you to reject it with all the might of your soul, with the greatest margin possible

“We ask you to reject it with all the might of your soul, with the greatest margin possible”, he said speaking live on state TV on Monday evening.

If the Greek people want to proceed with austerity plans in perpetuity, which will leave us unable to lift our head [...] we will respect it, but we will not be the ones to carry it out.”

Tsipras also showed his commitment to the country remaining in the Eurozone on his Twitter account.

Thousands of people rallied outside the Greek parliament on Monday evening in a move to support the government's position, calling for a 'no' vote.

Greek banks will remain closed on Tuesday after the government on Monday imposed capital controls until after the referendum, with restrictive measures on withdrawals from ATMs.

Nevertheless, reports suggested that 850 branches will open on Thursday for the payment of pensions, though they will remain shut for other business all week.

Read more: Greek banks will reportedly open Thursday for pension payments

The country's current bailout programme expires on Tuesday, the same day it faces a €1.6bn repayment to the International Monetary Fund (IMF).

British finance minister George Osborne warned on Monday of the impact that a “Grexit” could have, saying Britain's government and central bank stood ready to ensure financial stability.

"I don’t think anyone should underestimate the impact that a Greek exit from the euro would have on the European economy – and the knock-on effects on us," Osborne told parliament.

"The British government and the Bank of England stand ready to ensure our financial stability in the UK."

London Capital Group's Jonathan Sudaria also echoed this idea. “Any serious market turmoil would hit the UK because of its dependence on the financial services industry whilst France and Germany have the most financial exposure to Greece.”

OANDA senior market analyst Craig Erlam said he was uncertain about what happens if Greece fails make the repayment on Tuesday. “What isn’t clear is what a default – or being in arrears as it is suddenly being termed - to the IMF really means with there being suggestions that this is not technically default at all. Regardless, it’s a mess and international investors are not impressed.”

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