Greece does not offer 'concrete proposal', expected to submit new proposal on Wednesday

Greece is expected to submit a new request for aid from the eurozone's rescue fund on Wednesday, European Union diplomats told German news agency DPA on condition of anonymity on Monday.

Greece did not come up with a "concrete proposal" at a meeting of eurozone finance ministers on Tuesday, according to the Maltese premier, despite European pressure on Athens for a new debt plan.

"The absence of a concrete proposal by Greece government doesn't help this evening's eurozone leaders' meeting," Joseph Muscat wrote on Twitter, ahead of an emergency summit in Brussels later Tuesday.

The tone for the Brussel talks on late Tuesday is set by German Chancellor Angela Merkel and French President Francois Hollande who met in Paris on Monday to discuss Greece's future in the EU.

"Time is of the essence," Merkel said after her Monday meeting with the French President. "(Greek) proposals have to be on the table this week."
she added.

Both expressing their respect for Greek voters' decision, both of the leaders urged Greek PM Alexis Tsipras to take swift action and ready serious proposals for the Eurozone Summit.

Hollande emphasized that Greece didn't have much time yet and said "There is urgency for Greece. There is urgency for Europe."

Arriving at the emergency summit, the German Chancellor expressed that 'a conclusive picture cannot be formed today' and said that "Without solidarity there is no possibility of helping. Without solidarity and without reforms, the path we have to take is not possible,"

According to Hollande, now is the time for "responsibility, solidarity, but also speed."

The very short on time Greek leader Tsipras faced another obstacle while he readied his proposals for the restart of the bailout talks on Tuesday evening . The European Central Bank announced on Monday that it refuses to increase liquidity assistance for desperate Greek banks.