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Athens triumphed in a weekend referendum by saying "no" to international lenders, but it may have to pay the price in the next few days.
An angry Brussels late Tuesday night offered the Greek left-wing government two alternatives: to submit a new bailout proposal or quit the currency union.
An additional 28-member-state summit on Sunday was called after a crucial emergency euro summit ended with Greek Prime Minister Alexis Tsipras failing to present new proposals as expected.
"Until now I have avoided talking about deadlines, but tonight I have to say it loud and clear -- the final deadline ends this week," European Council President Donald Tusk told Tuesday's news conference.
Leaders of the European Union (EU) signalled that they did not rule out a "Grexit," or Greek exit from the eurozone, and Sunday may be "the most critical moment" for the bloc.
"We have prepared a Grexit scenario in detail," said Jean-Claude Juncker, president of the EU executive European Commission. "And we have a humanitarian plan if needed."
"I am strongly against a Grexit, but I cannot prevent it if the Greek government does not do what is asked of it," he told reporters.
A joint statement from creditors said that Greece must submit detailed proposals for a comprehensive and specific reform agenda on Thursday night at the latest. The EU institutions will then access them and present them to the Eurogroup.
The Group's 19 finance ministers are set to meet on Saturday to discuss the Greek plan and ultimately 28 heads of EU members will gather in Brussels for a final summit on Sunday.
The distrust between Athens and Brussels has been building up since the Greek government rejected lenders' bailout offer and called a referendum. Brussels has been further enraged as Athens continue to accuse it of "blackmailing."
Juncker, outraged as he and his colleagues were called "terrorists," thumped the table and said, "Who are they, and who do they think I am."
"I am not a terrorist and I didn't like being called so," he said.
Tsipras, however, said that the discussion climate was "positive" and Greece has tabled proposals on Tuesday which sought a "socially fair and economically viable agreement for Greece and the eurozone."
He told reporters after the summit that a deal to tackle the Greek debt crisis should be sealed by the end of this week, adding he was "happy that all sides understand that the problem was not Greek only, but a European problem."
According to the Greek side, Greece is seeking a short-term solution this month to immediately restore liquidity in the country, where banks has been closed and capital controls introduced since June 29, and then a final comprehensive agreement.
However, sources close to the EU have said that on the bloc's side, sealing a long-term final agreement is considered to be the basis of Greece's short-term or mid-term request. Enditem
