Last updated 10.40pm - Greek Prime Minister Alexis Tsipras won the chance to seek a last-minute rescue at an emergency euro zone summit this evening, before his country's banks run out of money.

Prime Minister Joseph Muscat said Greece had been told to submit proposals by Thursday for consideration by finance minister and possibly, Eurozone leaders at another summit on Sunday.

Dr Muscat said he could not predict where the issue would end, saying however that he had been more optimistic before the Greek referendum than now,

He said several heads of government, including himself, had expressed disappointment that Greece had not come up with new proposals before today's meeting.

Dr Muscat ruled out writing off the debt and said any new funds for Greece would come from the European Stability Mechanism and would not involve new outlay by any country.

On the Greek referendum outcome, Dr Muscat said the outcome had strengthened the Greek government domestically, and strengthened the resolve of European leaders to hold together.

Italian Prime Minister Matteo Renzi  said the ball was now in  Greece's court. "Next Sunday the final meeting will take place on Greece."

German Chancellor Angela Merkel, who arrived in Brussels saying there was still no basis for reopening negotiations with Athens, changed her tune in the room and was actively involved in efforts to find a last-ditch solution, euro zone sources said.

"It is not a matter of weeks but of a few days" to save Greece from collapse, Merkel told reporters on arrival.

With Greek banks down to their last few days of cash and the European Central Bank tightening the noose on their funding, Tsipras tried to convince the euro zone's other 18 leaders to authorise a new loan swiftly.

People familiar with Greece's financial system said the banks could start running out of money within two days unless there was an international rescue.

However, euro zone sources in Brussels said ECB President Mario Draghi had assured finance ministers that the central bank would keep Greek lenders afloat this week as long as negotiations were under way.

Merkel and French President Francois Hollande worked together on a plan to save Greece from plunging into economic turmoil and possibly having to ditch the euro. This involved a medium-term conditional programme and a short-term interim financing deal for a few months, the sources said.

However, a solution still depends on Tsipras putting forward convincing reform proposals and rushing key measures through parliament by the weekend to make Greece's public finances sustainable.

If he does, bridge financing could be provided by "Greece's friends" and by releasing past ECB profits on Greek bonds, to prevent Athens from missing a crucial 3.5 billion euro bond redemption to the ECB on July 20, the sources said.

Merkel, under pressure in Germany to cut Greece loose, made clear it was up to Tsipras to present convincing proposals after Athens spurned tax rises, spending cuts and pension and labour reforms that were on the table before its 240 billion euro ($262.7 billion) bailout expired last week.

Euro zone finance ministers complained that their new Greek colleague Euclid Tsakalotos, while more courteous than his abrasive predecessor Yanis Varoufakis, had brought no new proposals to a preparatory meeting before the summit.

"I have the strong impression there were 18 ... ministers of finance who felt the urgency of the situation and there is one ... who doesn't feel the urgency of the situation," Belgian Finance Minister Johan Van Overtveldt said. 

Jeroen Dijsselbloem, chairman of the Eurogroup of currency zone finance ministers, said the ministers would hold a conference call on Wednesday to review a Greek request for a medium-term assistance programme from the European Stability Mechanism bailout fund, due to be submitted within hours.

Tsipras met privately with the leaders of Germany and France, the currency area's main powers, and European Commission president Jean-Claude Juncker just before the summit began.

Earlier, Prime Minister Joseph Muscat expressed his disappointment that Greece had not presented new proposals ahead of today's summit. He feared that as a result, the meeting could be a waste of time.  

FINANCE MINISTERS MEET

Earlier, eurozone finance ministers emerged with mixed feelings after a eurogroup meeting  during which Greece did not present fresh reform proposals.

Finance Minister Edward Scicluna said the new Greek finance minister Euclid Tsakalotos was a “breath of fresh air” and exhibited “a positive” attitude in his briefing.

However Tsakalotos did not come to the table with new proposals for a cash-for-reform deal.

“There was a breath of fresh air… but this was undone by what we have become accustomed to ‘not today but tomorrow and tomorrow never comes’,” Prof. Scicluna said.

He said finance ministers were frustrated by the fact that Greece did not present its proposals but was hopeful they would do so by tomorrow morning.

He said the discussion was now about a new medium-term bailout package from the European Stability Mechanism. To benefit Greece had to present proposals for reform and the Greek parliament had to as of this week approve reforms over which the Greek government was in agreement with, he added.

“If the Greek parliament approves certain reforms it would send a message of goodwill,” Prof. Scicluna said. 

Greek officials said they had submitted credit proposals to euro zone partners based on those Greece put forward last week, rejecting suggestions that Athens had not put forward new proposals for a euro summit. 

"Is it really that we don’t have proposals or is it that they don’t like our proposals?”

A second Greek official said: "The Greek government came with the proposals which hadn't been discussed by the Eurogroup last week." 

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