Paris, July 7 (IANS): French Prime Minister Manuel Valls on Tuesday warned that an eventual Grexit from the eurozone would put the economic recovery of the European bloc on edge and likely trigger political instability in the region.

Ahead of an emergency European summit on Tuesday to end the deadlock, Valls said "the basis of an agreement for Greece financial rescue exists" and called on the Greek government to come up with new proposals to meet obligations to creditors, Xinhua news agency reported.

"France is convinced that we cannot take the risk of a Greek exit from the eurozone for economic reasons but mainly for political ones. It is Europe that is in question," the French Premier told RTL radio.

"No one can expect today what would be the political consequences, how the Greek people who would feel humiliated would react," he added, stressing that "with slowing growth in the United Sates and China, the eurozone has to remain coherent and reliable".

According to Valls, the ball is now in Greece's court to propose new offers in a bid to reach "an agreement necessary first for Greece because its exit from the eurozone would plunge the Greek people into an intolerable situation”.

“And it is also necessary for cohesion, for the coherence of the euro area, and therefore Europe."

The French premier also called on his Greek counterpart Alexis Tsipras to assume responsibility and take the needed reforms to avoid the debt-ridden country's default and exit from the eurozone.

In a fresh move to seek a last-minute deal, European leaders will meet in Brussels later on Tuesday to put Athens, which wants to reschedule its debt, and international lenders, who urged more reforms and further austerity, on the same page to end a years-long financial crisis in Greece.