Israel and Hezbollah are exchanging hundreds of cross-border strikes in the wake of the shocking explosions of wireless devices across Lebanon last week.

The ceasefire would apply to the Israel-Lebanon "Blue Line," the demarcation line between Lebanon and Israel, and would allow the parties to negotiate towards a potential diplomatic resolution.

Israeli airstrikes have claimed over 630 lives in Lebanon since a further 72 people are reported by the nation's Health Ministry to have been killed in attacks on Wednesday, resulting in emergency talks at this week's U.N. General Assembly in New York.