Greece has been given a deadline of July 9 by Eurozone ministers to present new proposals to secure a deal with creditors and has called a full EU summit later in the week.
According to BBC, European Council President Donald Tusk said that this was now the "most critical moment in the history of the eurozone".
He said, after emergency talks in Brussels, that "the final deadline ends this week".
The eurozone had expected Greece to submit fresh plans on Tuesday after Greeks rejected the terms of the bailout referendum, but no new proposals were tabled.
