The Eurogroup will hold another teleconference Wednesday morning to discuss new proposals from Greece, said the spokesman of Eurogroup President Jeroen Dijsselbloem on Tuesday.

"Another Eurogroup teleconference Wednesday morning after announcement of new letter (from) Greek government," Michel Reijns, spokesperson of Dijsselbloem tweeted.

Finnish Finance Minister Alexander Stubb also said on twitter that Tuesday's teleconference refused Greek Prime Minister Alexis Tsipras' request for an extension of the ongoing Greek bailout program.

"Letter of Tsipras includes three requests. Extension of programme or haircut not possible," his twitter said.

He said the third request for credit from European Stability Mechanism (ESM) is "always dealt with through normal procedures."

According to Tsipras' office, the Greek government proposed a two-year debt deal with the European Stability Mechanism (ESM) in a last-minute bid to avert the countdown to default and a possible Grexit Tuesday afternoon.