Sinn Fein has predicted the collapse of the North's institutions within "a very short time". While not endorsing the two governments' salvage package, the party said it provided a "basis for further progress".
Giving Sinn Fein's detailed response to the blueprint, the party president, Mr Gerry Adams, called on the Ulster Unionist leader, Mr David Trimble, to save the institutions from suspension by nominating for the post of First Minister.
"I don't think any of us should underestimate the intensity of the crisis which is opening up. The reality is that the institutions are going to collapse in a very short time, given the management of the process at this point."
He also urged unionists to leave the decommissioning issue to the head of the Independent International Commission on Decommissioning (IICD), Gen John de Chastelain.
"Once again the IRA has demonstrated its commitment to the search for a lasting peace," he said. "The other parties need to match that commitment and should respond positively and constructively. The IICD and the armed groups should be allowed to get on with the job of resolving the issue of arms."
While his party had a number of reservations about the governments' package of proposals, he was confident that the outstanding issues of policing, arms, demilitarisation, justice and the stability of the institutions could be sorted out
Mr Adams said his party would not nominate representatives to sit on the new Policing Board in the short term or encourage nationalists to join the new police service at this time. It was essential for the British government to publish its revised implementation plan on policing, "the sooner, obviously, the better".
"The British government has committed itself to publishing a revised implementation plan on policing. They have not done this and it needs to happen. This is the people's [Belfast] agreement. They need to see what is being proposed on policing. They need to see the legislative amendments which the British government intends to make to its Police Act."
The proposals on troop reductions and the dismantling of British military installations did not go far enough for republicans, but were a welcome first step. "While the British government's position on demilitarisation falls short of what we believe is required, the British government should move ahead anyway to do what it has said it will do."
As to the proposed appointment of an international judge to examine whether there was a need for fresh investigations into controversial killings where allegations of security force collusion existed, this was not a satisfactory solution.
Sinn Fein had refused to make these high-profile cases a matter for bargaining or bartering in negotiations on policing. The party's position was that there should be full, independent, judicial inquiries into the killings of Pat Finucane, Rosemary Nelson and Robert Hamill, Mr Adams said.