Eurozone sets final deadline for Greek proposals

According to international news reports, the eurozone has given Greece until Thursday to present new proposals to secure a deal with creditors, and has called a full EU summit for Sunday.

European Council President Donald Tusk said this was now the "most critical moment in the history of the eurozone". After emergency talks in Brussels, he said; "The final deadline ends this week."

The BBC reports that the eurozone had expected Greece to submit fresh plans on Tuesday after its voters rejected a deal in a referendum, but no new proposals were tabled.

It has been announced that  a meeting of all 28 members of the EU will be held on Sunday - a day after the new Greek proposals are expected to be discussed by the eurozone finance ministers.

In Brussels, Greece has been given an ultimatum: either there will be a deal, or Greece and its banks face the prospect of going bust on Monday, the BBC reports.

Speaking at a news conference late on Tuesday, Mr Tusk said a Greek bankruptcy and the collapse of the Greek banking system would affect the whole of Europe, and that anyone who thought otherwise was naive.

"It's not just the problem of Greece - it's the future of the European Union that is at stake,” French President Francois Hollande said.

Meanwhile, Greek Prime Minister Alexis Tsipras said he wanted a "socially just and economically viable agreement".

"The process will be fast. It starts in the coming hours with the aim of concluding it by the end of the week, at the latest," he said.

Tsipras is due to address the European Parliament in Strasbourg later on Wednesday.