Greece has made a formal request for its third bailout and will implement tax and pension reforms as early as next week.
Greek Prime Minister Alexis Tsipras promised "credible reforms" will be put forward in proposals to creditors on Thursday in return for a three-year bailout fund.
"[Greece will] file new concrete proposals, credible reforms, for a fair and viable solution," said Tsipras speaking in the European parliament today.
A deadline of midnight on Thursday has been set by European leaders to submit reform plans.
A "final" deadline of Sunday has been laid down for reaching an agreement on the proposals. An emergency summit is due to be held on the same day between all the 28 members of the European Union, not just those in the Eurzone.
Greece's banks have been closed for eight days and the closures will be extended beyond today, according to a Greek official.
Tsipras was earlier slammed by a German MEP for "destroying confidence in Europe". EU president Donald Tusk remarked that it was "truly the final wake-up call".