Greek Prime Minister Alexis Tsipras launched has a bid to win aid from the country's "troika" of creditors at a crucial emergency Eurozone summit today that could determine its future.
Unconfirmed media reports have suggested Greece is proposing an interim funding agreement to tide the cash-strapped country over, followed by a longer one.
It comes after Eurozone finance ministers were left shocked when Greece failed to bring any new proposals to a preparatory meeting before the summit.
The country's new finance minister Euclid Tsakalotos had previously suggested it would submit a new proposal as soon a Tuesday night.
As German Chancellor Angela Merkel arrived at the summit she told reporters that there was still no basis for reopening negotiations with Athens.
Merkel also warned that there were merely "days" rather than "weeks" left to save Greek for collapse.
Jeroen Dijsselbloem, head of the Eurogroup of finance ministers, said the group would "await the new proposals and see if they are credible."
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".
It comes after the Greek people defiantly voted against a bailout deal on Sunday.
While its creditors insisted they will not enter into further renegotiations, Tsipras has said that a "no" vote will put the Greeks in a stronger position.
If the parties are unable to reach an agreement Greece risks economic catastrophe, as well as the possibility of leaving the euro, with unknown consequences for the Eurozone.
Many economists say 20 July when a €3.5bn bond payment to the ECB is the next crunch point for Greece, because failure to pay it would essentially end ELA for good, and formalise the country’s default.