Tsipras was due to present proposals to a meeting of Eurozone leaders. As he entered the meeting today, Jeroen Dijsselbloem, head of the Eurogroup of finance ministers, which will also meet today, said the group was awaiting "credible" proposals.
"We await the new proposals and see if they are credible," he said.
Earlier today, German newspaper Sueddeutsche Zeitung reported that Tsipras' new plan leaves a contentious VAT rebate for Greek islands in place, as well as leaving VAT for restaurants at 13 per cent.
Other finance ministers entering the meeting were cautious about the chances of achieving a deal - although Spain's Luis de Guindos pointed out that "I don't think Grexit is a solution anyone wants".
So far, reactions from European markets have been moderate, with the FTSE 100 falling 0.17 per cent, the Dax falling 0.8 per cent and the Cac 40 falling 1.2 per cent in lunchtime trading. The euro was down 0.8 per cent at $1.0966.