Greece Offers New Deal Ahead Of Crunch Meeting

Greece has presented new proposals to its creditors in a bid to prevent a debt default, Francois Hollande has said.

The French President revealed the offer during a news conference alongside Italian premier Matteo Renzi in Milan, which comes before an emergency eurozone summit on Monday in Brussels.

"Greece sent to the European Commission, and I think to the institutions - that is the International Monetary Fund and the European Central Bank - its new proposals," Mr Hollande said.

He also said everything must be done to keep Greece in the eurozone.

"If the Greeks leave the eurozone it won't be positive for the Greeks or Europeans," he said.

He added that "we need stability" especially since much of Europe is beginning to rebound economically and that "for this reason we must reach an accord".

A government source close to the talks said Greek Prime Minister Alexis Tsipras "presented to the three leaders Greece's proposal for a mutually beneficial agreement, which will provide a permanent solution and not just postpone tackling the problem".

The governing Syriza party held a rally in Athens on Sunday in support of the government - which follows a march on Thursday by supporters of a deal with the EU.

Greece's new radical leftist government is in a stand-off with international creditors to reach a loan deal to avoid defaulting on debt payments at the end of the month, threatening an exit from the 19-nation eurozone.