Greek Prime Minister Alexis Tsipras is expected to announce new proposals at an emergency meeting of the Eurozone on the growing Greek debt crisis.
According to the BBC, the plan is said to include a demand for Greece's debt to be cut by up to 30 percent after voters rejected the international bail out referendum conditions.
Eurozone finance ministers have urged Greece to make new proposals after the country rejected the bailout referendum with a majority "No" vote.
German Chancellor Angela Merkel and French President Francois Hollande have also pressed Greece to make "serious" proposals.
Meanwhile, the European Central Bank (ECB) said it would maintain emergency cash support for Greek banks, which are running out of funds and on the verge of collapse.
