( CNN ) -- Costa Rican President Oscar Arias presented an updated proposal to end the Honduran political crisis , but its adoption seemed unlikely , as one side described the talks as `` failed '' and the other asked for more time . Honduras ' ousted President Manuel Zelaya answers questions in Managua , Nicaragua , on Sunday . The document , dubbed the San Jose Accord , calls for ousted President Jose Manuel Zelaya 's return to power , the creation of a unity government and early elections . The accord is very similar to an original plan suggested by Arias but with more details and a creation of a truth commission to investigate the events that led to the crisis . It also includes a timeline for its implementation , which could have Zelaya back in Honduras by Friday . Arias signaled that his latest effort as mediator after two unsuccessful rounds of talks was also his final . Zelaya and his successor , interim Honduran President Roberto Micheletti , can turn to other forms for negotiations if they can not agree to the deal , Arias said . Arias read the proposal on Wednesday at a news conference in San Jose , Costa Rica , flanked by Zelaya and Micheletti 's delegations . Responses from the two camps following Arias announcement gave slim hope that the accord would be signed . Zelaya delegate Rixi Moncada said the opportunity for compromise had already passed with Arias ' original proposal , which Zelaya accepted but Micheletti rejected . Watch the reaction of the Organization of American States » . `` ( The talks ) failed because of the intransigence of the coup regime , '' she said . For Micheletti 's side , Mauricio Villegas said his camp would present the San Jose Accord to the three branches of government for their approval , which would be necessary before moving forward . Earlier this week , another Micheletti negotiator said that the supreme court had already signaled that it would not accept Zelaya 's return as president . `` We must make way for peace and democracy , because the alternative is a cliff where even bigger trouble than we know awaits , '' said Arias , who had been serving as mediator between the two sides . `` So today I ask you respectfully , but with urgency , to carefully review this document and reflect on it . '' Earlier , Micheletti had offered a counterproposal , Honduras 's foreign minister , Carlos Lopez Contreras , told CNN affiliate Televicentro . Sources close to Micheletti 's delegation told CNN that the counterproposal would have given amnesty to Zelaya and allowed him to return . But the nation 's Supreme Court , which supports the coup and insists Zelaya must be held responsible for allegedly trying to subvert the constitution , rejected the amnesty provision , the sources said . Negotiations had stalled over Arias ' proposal that Zelaya be reinstated . Zelaya was going to hold a referendum that could have led to changing the Honduras Constitution , even though Congress had outlawed the vote and the Supreme Court ruled it illegal . Zelaya was deposed June 28 , the day the vote was supposed to be held , in a military-led coup and replaced by congressional leader Micheletti a few hours later . Micheletti 's counterproposal would have instituted a six-month moratorium on legal action against either side . In another development , Honduras gave Venezuela 's diplomats 72 hours to leave the country Tuesday on the grounds that leftist Venezuelan President Hugo Chavez has been making threats against the provisional government . Venezuela called the expulsion order `` absurd '' and said it will not comply because it does not recognize Micheletti 's government . Chavez and Zelaya are political allies . The coup has drawn international condemnation , including demands by the U.N. General Assembly and Organization of American States that Zelaya be reinstated . The European Union and United States also have curtailed some aid . Micheletti has steadfastly refused , saying Zelaya 's removal was a constitutional transfer of power , not a coup .
NEW : Chance for compromise passed with Arias ' original plan , Zelaya side says . Comment: Accord has to be presented to three government branches , Micheletti side says . NEW : Arias signals his latest effort is his final as mediator . Zelaya 's ouster has drawn international condemnation .