BANKS have made an offer on a restructuring of Greek debt with a final deal now resting in Europe.
"It was certainly the best offer that is consistent with the voluntary debt exchange," said chief negotiator Charles Dallara, after weekend talks broke down on cutting about €100bn from Greece’s €350bn in debt.
A deal now depends on the European Union, the International Monetary Fund and the European Central Bank.
The country needs a new tranche of bailout funds before bond repayments come due in August.
"It is largely in the hands of the official sector to choose a path, a voluntary debt exchange or a default," said Mr Dallara, managing director of Institute of International Finance.
He said the talks were at a "crossroads" but that he remains optimistic.
The negotiations on cutting around €100bn from Greece's massive debt of more €350bn were adjourned on Friday with both sides expressing optimism about the outcome.
Disagreement centres around the interest rate to be paid on new bonds.
Meanwhile, Finance Minister Michael Noonan is in Europe to discuss the so-called fiscal compact with his counterparts from other countries.
Meanwhile, European stock markets and the euro gained amid hopes of a resolution to the Greek crisis.
The FTSE 100 Index, which has climbed to a five-month high on hopeful signs in the eurozone crisis, added another 46.2 points to to 5774.7.
The rally came in tandem with a successful bond auction in Germany.