'We're talking about 48 to 72 hours at the most, because I cannot imagine the Israeli killing machine continuing this operation,' he told the Saudi-owned Al-Hayat newspaper.

Egypt is holding talks with Israel and the Palestinian factions to implement the Egyptian-proposed peace initiative, he said.

'We want to reach at least the first two points of the initiative, a ceasefire for a short period of time, and opening the border crossings,' Mr Abul Gheit told the Arabic-language daily.

Egyptian President Hosni Mubarak on Tuesday presented a three-point proposal for ending Israel's war on Hamas in Gaza, in which more than 700 Palestinians have died and 3,000 have been wounded.

The plan includes an 'immediate ceasefire for a specific period' to allow humanitarian aid to pass; an invitation to Israel and the Palestinians to come to Egypt for talks on securing Gaza borders, reopening of its crossings and lifting an Israeli blockade; and a renewed call for Palestinian reconciliation talks under Egyptian mediation.

Israel and Hamas on Wednesday cautiously said they will study the initiative but stopped short of endorsing it.

Mr Abul Gheit said his country's proposal came 'to rescue the situation' and not to replace as-yet unsuccessful Arab initiatives for a resolution or statement from the UN Security Council on the conflict.

'The Arab proposal still faces many problems, let us stop the killing,' he said. -- AFP

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