Greece has been told it could make a temporary exit from the Eurozone if it fails to come to an agreement with its creditors in last-ditch tonight.
Read more: Eurozone leaders assemble
European leaders are once again locked in late night negotiations, after taking a second break for bilateral talks, as Greek looks to secure the much-needed €86bn (£62bn) bailout – its third in five years.
A leaked draft of the Eurogroup's proposals currently under discussion appears to put forward the option of an exit from the Eurozone as an alternative to a bailout deal.
The four-page package of proposals states:
In case no agreement could be reached, Greece should be offered swift negotiations on a time-out from the euro area, with possible debt restructuring.
In order for it to hand over funding for a third bailout, the Eurogroup wants Greece to pass a number of reforms into law "without delay" by Wednesday, including streamlining VAT, broadening the tax base and implementing measures to improve the sustainability of its pensions plan.
Further reforms and privatisation initiatives would be expected in the coming weeks, while officials from Greece's creditors would be on the ground to oversee the implementation of the programme.
Also included is the proposal that Greece sets up an independent fund and hands over €50bn (£35.8bn) of "valuable Greek assets..to be privatised over time and decrease debt".
Finnish finance minister Alex Stubb explained the demands in a break from discussions. He said: "Number one, it needs to implement laws by July 15. Number two, tough conditions on for instance labour reforms and pensions and VAT and taxes. And then number three, quite tough measures also on for instance privatisation and privatisation funds."
However, even if Tsipras agrees to the proposals Greece's capacity for implementing the reforms may not be possible due to dissenting members of his anti-austerity Syriza party.