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Greece Has to Choose Between Creditors' Proposal, Default - EC President

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The Greek government needs to make a choice between the offer made by its international creditors and default, President of the European Council Donald Tusk... 19.06.2015, Sputnik International

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Greece Has to Choose Between Creditors' Proposal, Default - EC President

17:32 GMT 19.06.2015 (Updated: 17:34 GMT 19.06.2015)

© AFP 2023 / EMMANUEL DUNANDGreek Finance Minister Yanis Varoufakis (R) shakes hands with International Monetary Fund (IMF) Director Christine Lagarde during an emergency Eurogroup finance ministers meeting at the European Council in Brussels on February 11, 2015

Greek Finance Minister Yanis Varoufakis (R) shakes hands with International Monetary Fund (IMF) Director Christine Lagarde during an emergency Eurogroup finance ministers meeting at the European Council in Brussels on February 11, 2015 - Sputnik International

The Greek government needs to make a choice between the offer made by its international creditors and default, President of the European Council Donald Tusk said Friday.

MOSCOW (Sputnik) — Greece and its three main creditors — the European Commission, the European Central Bank and the International Monetary Fund — failed to reach a new agreement on Greece's debt on Thursday before its current bailout program expires.

"We are close to the point where the Greek government will have to choose between accepting what I believe is a good offer of continued support or to head towards default," Donald Tusk said in a video message.

Greek Finance Minister Yianis Varoufakis (L) listens to Prime Minister addressing his MP's and ministers at the Greek Parliament in Athens on June 16, 2015. - Sputnik International

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18 June 2015, 20:28 GMT

Tusk added that "the game of chicken needs to end and so does the blame-game," because "there is no time for any games," as the current economic assistance program to Greece runs out in 11 days.

On Thursday, the president of the European Council said that an urgent summit on Greece would be held on June 22 after negotiations between Greece and its international creditors had not managed to break the deadlock.

Greece's overall debt stands at about $350 billion, of which $270 billion is owed to its three major international creditors.