Euro zone gives Greece until Sunday for debt deal

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Euro zone members have given Greece until the end of the week to come up with a proposal for sweeping reforms in return for loans that will keep the country from crashing out of Europe's currency bloc and into economic ruin.

"The stark reality is that we have only five days left ... Until now I have avoided talking about deadlines, but tonight I have to say loud and clear that the final deadline ends this week," European Council President Donald Tusk told a news conference.

SEE: Greece post referendum vote:

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Euro zone gives Greece until Sunday for debt deal
ATHENS, GREECE - JULY 13: Pensioners talk to bank staff as they wait to collect their pensions outside a National Bank of Greece branch in Kotzia Square on July 13, 2015 in Athens, Greece. Eurozone leaders have reportedly made an 'agreement' on the Greek debt crisis in Brussels. After lengthy talks EU President Donald Tusk tweeted that a bailout programme was 'all ready to go'. (Photo by Christopher Furlong/Getty Images)
Demonstrators hold a poster against the austerity policy of Germany prior to a special session of the parliament Bundestag on negotiations with Greece for a new bailout in Berlin, Germany, Friday, July 17, 2015. (AP Photo/Markus Schreiber)
A woman burns the flag of the ruling party Syriza, surrounded by journalists, in front of the Greek parliament in Athens, during an anti-EU demonstration in Athens calling for a no to any agreement with the creditors on July 13 , 2015. Eurozone leaders struck a deal on a bailout to prevent debt-stricken Greece from crashing out of the euro forcing Athens to push through draconian reforms in a matter of days. AFP PHOTO/ LOUISA GOULIAMAKI (Photo credit should read LOUISA GOULIAMAKI/AFP/Getty Images)
Leftist protester holds a greek flag in front of the Greek parliament as they take part an anti-EU demonstration in Athens calling for a 'NO' to any agreement with the creditors on July 13, 2015. Eurozone leaders struck a deal Monday on a bailout to prevent debt-stricken Greece from crashing out of the euro, forcing Athens to push through draconian reforms in a matter of days. AFP PHOTO / ANDREAS SOLARO (Photo credit should read ANDREAS SOLARO/AFP/Getty Images)
People read newspaper headlines in central Athens on July 13, 2015. Greece reached a desperately-needed bailout deal with the eurozone on July 13 after marathon overnight talks, in a historic agreement to prevent the country crashing out of the European single currency. The country's leftist Prime Minister Alexis Tsipras agreed to tough reforms after 17 hours of gruelling negotiations in return for a three-year bailout worth up to 86 billion euros ($96 billion), Greece's third rescue programme in five years. AFP PHOTO / ARIS MESSINIS (Photo credit should read ARIS MESSINIS/AFP/Getty Images)
A elderly man In a wheelchair waits with other pensioners outside a national bank branch to withdraw a maximum of 120 euros ($134) for the week in central Athens, Monday, July 13, 2015. A Eurozone summit has reached a tentative agreement with Athens on a bailout program that includes “serious reforms” and aid, removing an immediate threat of financial collapse in Greece. (AP Photo/Petros Giannakouris)
A bank employee distributes tag queue positions to elderly people to enter into the bank to withdraw a maximum of 120 euros ($134) for the week in central Athens, Monday, July 13, 2015. A Eurozone summit has reached a tentative agreement with Athens on a bailout program that includes “serious reforms” and aid, removing an immediate threat of financial collapse in Greece. (AP Photo/Emilio Morenatti)
Pensioners wait outside the main gate of the national bank of Greece to withdraw a maximum of 120 euros ($134) in central Athens, Thursday, July 9, 2015. With a deadline just hours away to come up with a detailed economic reform plan, Greece requested a new three-year rescue from its European partners Wednesday as signs grew its economy was sliding toward free-fall without an urgently needed bailout. (AP Photo/Emilio Morenatti)
A man passes in front of "NO" referendum posters in central Athens, Sunday, July 12, 2015. Greece has another chance Sunday to convince skeptical European creditors that it can be trusted to enact wide-ranging economic reforms which would safeguard its future in the common euro currency. (AP Photo/Petros Karadjias)
A presidential guard, right, stands guard at the tomb of the unknown soldier as riot police officers guard one of the entrances to the parliament during a demonstration of supporters of the no vote in central Athens, Sunday, July 12, 2015. Greece has another chance Sunday to convince skeptical European creditors that it can be trusted to enact wide-ranging economic reforms which would safeguard its future in the common euro currency. (AP Photo/Emilio Morenatti)
A man holds a tag queue position as he waits next to others pensioners outside the main gate of the national bank of Greece to withdraw a maximum of 120 euros ($134) in central Athens, Friday, July 10, 2015. Greece's Prime Minister Alexis Tsipras will seek backing for a harsh new austerity package from his party Friday to keep his country in the euro — less than a week after urging Greeks to reject milder cuts in a referendum. (AP Photo/Emilio Morenatti)
A pro-Euro demonstrator is seen behind a European Union flag during a rally in the northern Greek port city of Thessaloniki, Thursday, July 9, 2015. Hopes that Greece can get a rescue deal that will prevent a catastrophic exit from the euro rose on Thursday, after key creditors said they were open to discussing how to ease the country's debt load, a long-time sticking point in their talks. (AP Photo/Giannis Papanikos)
Pensioners wait outside the main gate of the national bank of Greece to withdraw a maximum of 120 euros ($134) in central Athens, Thursday, July 9, 2015. With a deadline just hours away to come up with a detailed economic reform plan, Greece requested a new three-year rescue from its European partners Wednesday as signs grew its economy was sliding toward free-fall without an urgently needed bailout. (AP Photo/Emilio Morenatti)
A pensioner leans against the main gate of the national bank of Greece as he waits to withdraw a maximum of 120 euros ($134) for the week in Athens in central Athens, Tuesday, July 7, 2015. Greek Prime Minister Alexis Tsipras heads Tuesday to Brussels, where he will try to use a bailout referendum victory to obtain a rescue deal with European leaders. (AP Photo/Emilio Morenatti)
Greek soldiers leave the ancient Acropolis hill, after they raised the Greek flag, in Athens, on Tuesday, July 7, 2015. Greek Prime Minister Alexis Tsipras was heading Tuesday to Brussels for an emergency meeting of euro zone leaders, where he will try to use a resounding referendum victory to eke out concessions from European creditors over a bailout for the crisis-ridden country. (AP Photo/Petros Giannakouris)
In this photo taken on Saturday, July 11, 2015, Mary Cromba, left, owner of a beachside restaurant is seen with her employees, as she prepares to add paper in the cashier machine in the village of Psatha about 65km (40 miles) west of Athens. The meal sales tax clause in the bailout proposal considered Sunday by European leaders would boost it from 13 percent to 23 percent, while hotels would see room sales taxes rise from 6.5 percent to 13 percent. (AP Photo/Spyros Tsakiris)
A butcher makes calculations inside his shop in central Athens, Tuesday, July 7, 2015. Greek Prime Minister Alexis Tsipras heads Tuesday to Brussels, where he will try to use a bailout referendum victory to obtain a rescue deal with European leaders. (AP Photo/Emilio Morenatti)
Pensioners wait outside the main gate of the national bank of Greece to withdraw a maximum of 120 euros ($134) in central Athens, Thursday, July 9, 2015. With a deadline just hours away to come up with a detailed economic reform plan, Greece requested a new three-year rescue from its European partners Wednesday as signs grew its economy was sliding toward free-fall without an urgently needed bailout. (AP Photo/Emilio Morenatti)
A man stands-in front of a discount shop that reads in Greek " you give a little you take a lot" in Athens, on Tuesday, July 7, 2015. Greek Prime Minister Alexis Tsipras was heading Tuesday to Brussels for an emergency meeting of eurozone leaders, where he will try to use a resounding referendum victory to eke out concessions from European creditors over a bailout for the crisis-ridden country. (AP Photo/Petros Giannakouris)
A man sells items in central Athens, Tuesday, July 7, 2015. Greek Prime Minister Alexis Tsipras heads Tuesday to Brussels, where he will try to use a bailout referendum victory to obtain a rescue deal with European leaders. (AP Photo/Emilio Morenatti)
A woman pays at a market in central Athens, Tuesday, July 7, 2015. Greek Prime Minister Alexis Tsipras heads Tuesday to Brussels, where he will try to use a bailout referendum victory to obtain a rescue deal with European leaders. (AP Photo/Emilio Morenatti)
Red spray paint covers a French-language Bank of Greece sign to read 'Bank of Merkel' in reference to German Chancellor Angela Merkel in Athens, Monday, July 6, 2015. Greek Finance Minister Yanis Varoufakis resigned Monday, saying he was told shortly after Greece's decisive referendum result that some other eurozone finance ministers and the country's other creditors would appreciate his not attending the ministers' meetings. (AP Photo/Thanassis Stavrakis)
A homeless sleeps at the entrance of a closed store with posters reading ''No'' in central Athens, Monday, July 6, 2015. Greece’s Finance Minister Yanis Varoufakis has resigned following Sunday’s referendum in which the majority of voters said “no” to more austerity measures in exchange for another financial bailout. (AP Photo/Emilio Morenatti)
Homeless sleep on the ground in central Athens, Monday, July 6, 2015. Greece’s finance minister has resigned following Sunday’s referendum in which the majority of voters said “no” to more austerity measures in exchange for another financial bailout. (AP Photo/Emilio Morenatti)
Needy people pray before eating at the Church-run Galini charity's soup kitchen in central Athens on Monday, July 6, 2015. Greece’s finance minister has resigned following Sunday’s referendum in which the majority of voters said “no” to more austerity measures in exchange for another financial bailout. (AP Photo/Emilio Morenatti)
A construction worker carries a wooden plank near a board with the Greek flag that reads in Portuguese: "I love you Greece, because of the courage against the imperialism!", in Lisbon, Monday, July 6, 2015. Greece's Finance Minister Yanis Varoufakis has resigned following Sunday's referendum in which the majority of voters said "no" to more austerity measures in exchange for another financial bailout. The board also reads in Greek: "No", in reference to Sunday's referendum. (AP Photo/Francisco Seco)
Needy people eat at the Church-run Galini charity's soup kitchen in central Athens on Monday, July 6, 2015. Greece’s finance minister has resigned following Sunday’s referendum in which the majority of voters said “no” to more austerity measures in exchange for another financial bailout. (AP Photo/Emilio Morenatti)
A pensioner holds a tag queue position as he lines up before entering into a bank to withdraw a maximum of 120 euros ($134) for the week in Athens, Monday, July 6, 2015. Greece’s Finance Minister Yanis Varoufakis has resigned following Sunday’s referendum in which the majority of voters said “no” to more austerity measures in exchange for another financial bailout. (AP Photo/Emilio Morenatti)
A bank employee distributes tag queue positions to elderly people to enter into the bank to withdraw a maximum of 120 euros ($134) for the week in Athens, Monday, July 6, 2015. Greece’s Finance Minister Yanis Varoufakis has resigned following Sunday’s referendum in which the majority of voters said “no” to more austerity measures in exchange for another financial bailout. (AP Photo/Emilio Morenatti)
People wait to enter into the national bank of Greece in Athens, Monday, July 6, 2015. Greece’s finance minister has resigned following Sunday’s referendum in which the majority of voters said “no” to more austerity measures in exchange for another financial bailout. (AP Photo/Emilio Morenatti)
A bank employee speaks to elderly people before allowing them to enter into the bank to withdraw a maximum of 120 euros ($134) for the week in Athens, Monday, July 6, 2015. Greece’s Finance Minister Yanis Varoufakis has resigned following Sunday’s referendum in which the majority of voters said “no” to more austerity measures in exchange for another financial bailout. (AP Photo/Emilio Morenatti)
Elderly people argue with a bank worker as they wait to be allowed into the bank to withdraw a maximum of 120 euros ($134) for the week in Athens, Monday, July 6, 2015. Greece’s Finance Minister Yanis Varoufakis has resigned following Sunday’s referendum in which the majority of voters said “no” to more austerity measures in exchange for another financial bailout. (AP Photo/Emilio Morenatti)
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Prime Minister Alexis Tsipras has until Friday to present the proposal, but German Chancellor Angela Merkel said she hoped to have convincing reform commitments from Tsipras on Thursday so she could ask the German parliament to authorize negotiations on a new aid program.

Merkel said she was "not exaggeratedly optimistic" for a solution.

At an emergency summit in Brussels on Tuesday, representatives of the 19-country euro zone said all 28 European Union leaders would meet on Sunday to decide Greece's fate. The talks were organized after Greeks voted in a referendum on Sunday against a bailout that carried stringent austerity measures.

French President Francois Hollande said the European Central Bank would ensure that Greek banks had the minimum necessary liquidity to stay afloat until Sunday.

The situation in Greece worsened with banks closed for a second week, limited cash withdrawals and businesses feeling the crunch of demands from vendors for cash payments.

Tsipras sounded upbeat as he left the summit, even though many of the reforms demanded by his partners would inflict more pain on Greeks who voted at his behest to reject the austerity measures in return for financial aid.

"The discussion took place in a positive climate," he said. "The process will be extremely fast. It starts in the coming hours, with the aim to conclude by the end of the week at the latest."

He promised to work for a socially just deal that would bring a "final exit" from the crisis, return Greece to growth and restructure Greek debt to make it viable.

Failure, Tusk warned, would undermine the EU's standing in the world and said the six-decade-old bloc may face "the most critical moment in our history".

STRICT TIMETABLE LAID OUT

Under a timetable agreed by the 19 leaders of the common currency area, Greece will submit on Wednesday a formal request for a two-year loan program, with a first list of reform commitments to be spelled out in greater detail on Thursday.

If the European Commission, the International Monetary Fund and the European Central Bank approve, Eurogroup finance ministers will meet on Saturday to recommend opening negotiations on a conditional assistance program.

"The ball is in Greece's court," Italian Prime Minister Matteo Renzi said, calling Sunday "the final meeting on Greece".

He said positions had hardened since previous bailout talks collapsed in late June, when Tsipras called a referendum at short notice to defy Greece's creditors.

Merkel said if Athens came up with satisfactory proposals and took "prior actions" by passing laws to convince creditors of its intent, short-term financing could be made available to help Greece over a repayment hump this summer.

She did not rule out rescheduling Greek debt in the longer run by extending loan maturities, lowering interest rates and allowing a longer moratorium on debt service payments, but she said a "haircut", or writedown, was impossible because it would be illegal.

Austrian Chancellor Werner Faymann warned that if there were no deal on Sunday, euro zone governments would have to prepare "Plan B," code for Greece losing all access to euros and finding itself excluded from the currency bloc.

Even EU chief executive Jean-Claude Juncker, who has worked tirelessly to keep Greecein the euro, said he now had detailed plans to cope with a "Grexit" if Tsipras failed to deliver.

People familiar with Greece's financial system said the banks could start running out of money within two days unless they received more liquidity.

BRIDGE FINANCING

Euro zone sources said 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 due on July 20.

Some of Athens' 18 partners in Europe's common currency expressed exasperation at five years of crisis wrangling with Greece. Lithuanian President Dalia Grybauskaite complained, "With the Greek government it is every time manana."

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 labor reforms that were on the table before its 240 billion euro (US$262.7 billion) bailout expired last week.

As of Tuesday night, she said, the conditions for opening new aid negotiations with Greecestill had not been met.

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.

Greek officials said the leftist government had broadly repeated a reform plan Tsipras sent to the euro zone last week.

SEE ALSO: Protests preceding 'no' vote:

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Greece crisis protesters, demonstrators
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Euro zone gives Greece until Sunday for debt deal
Pro-Euro demonstrators shout slogans as they hold Greek and European Union flags in front of the Greek Parliament during a rally at Syntagma square in Athens, Thursday, July 9, 2015. Hopes that Greece can get a rescue deal that will prevent a catastrophic exit from the euro rose on Thursday, after key creditors said they were open to discussing how to ease the country's debt load, a long-time sticking point in their talks. (AP Photo/Petros Karadjias)
Supporters of the No vote dance at Syntagma square in Athens, Sunday, July 5, 2015. Greece faced an uncharted future as its interior ministry predicted Sunday that more than 60 percent of voters in a hastily called referendum had rejected creditors' demands for more austerity in exchange for rescue loans. (AP Photo/Petros Giannakouris)
A supporter of the No vote waves a Greek flag in front of the parliament after the results of the referendum at Syntagma square in Athens, Sunday, July 5, 2015. Greeks overwhelmingly rejected creditors' demands for more austerity in return for rescue loans in a critical referendum Sunday, backing Prime Minister Alexis Tsipras, who insisted the vote would give him a stronger hand to reach a better deal. (AP Photo/Emilio Morenatti)
People gather in front of the White Tower, a city's landmark, in Thessaloniki on July 5, 2015, after early results showed those who rejected further austerity measures in a crucial bailout referendum were poised to win. Over 61 percent of Greek voters on July 5 rejected fresh austerity demands by the country's EU-IMF creditors in a historic referendum, official results from 50 percent of polling stations showed. AFP PHOTO /Sakis MitrolidisAFP PHOTO /Sakis Mitrolidis (Photo credit should read SAKIS MITROLIDIS/AFP/Getty Images)
People celebrate in Athens on July 5, 2015 after the first exit-polls of the Greek referendum. Over 60 percent of Greeks rejected further austerity dictated by the country's EU-IMF creditors in a referendum, results from 20 percent of polling stations showed. AFP PHOTO / LOUISA GOULIAMAKI (Photo credit should read LOUISA GOULIAMAKI/AFP/Getty Images)
Supporters of the No vote react after the first results of the referendum at Syntagma square in Athens, Sunday, July 5, 2015. Greece faced an uncharted future as its interior ministry predicted Sunday that more than 60 percent of voters in a hastily called referendum had rejected creditors' demands for more austerity in exchange for rescue loans. (AP Photo/Petros Giannakouris)
Supporters of the No vote react after the first results of the referendum at Syntagma square in Athens, Sunday, July 5, 2015. Greece faced an uncharted future as its interior ministry predicted Sunday that more than 60 percent of voters in a hastily called referendum had rejected creditors' demands for more austerity in exchange for rescue loans. (AP Photo/Petros Giannakouris)
A supporter of the No vote waves a Greek flag after the referendum's exit polls at Syntagma square in Athens, Sunday, July 5, 2015. Greece faced an uncharted future as officials counted the results of a referendum Sunday on whether to accept creditors' demands for more austerity in exchange for rescue loans, with three opinion polls showing a tight race with a narrow victory likely for the "no" side. (AP Photo/Emilio Morenatti)
Greece's Prime Minister Alexis Tsipras casts his vote at a polling station in Athens, Sunday, July 5, 2015. Greeks began voting early Sunday in a closely-watched, closely-contested referendum, which the government pits as a choice over whether to defy the country's creditors and push for better repayment terms or essentially accept their terms, but which the opposition and many of the creditors paint as a choice between staying in the euro or leaving it. (AP Photo/Petros Karadjias)
A supporter of the No vote waves a Greek flag after the first results of the referendum at Syntagma square in Athens, Sunday, July 5, 2015. Greece faced an uncharted future as its interior ministry predicted Sunday that more than 60 percent of voters in a hastily called referendum had rejected creditors' demands for more austerity in exchange for rescue loans. (AP Photo/Emilio Morenatti)
Supporters of the No vote react after the first results of the referendum at Syntagma square in Athens, Sunday, July 5, 2015. Greece faced an uncharted future as its interior ministry predicted Sunday that more than 60 percent of voters in a hastily called referendum had rejected creditors' demands for more austerity in exchange for rescue loans.(AP Photo/Petros Karadjias)
Protesters chant slogans in front of the Greek parliament in central Athens, on June 29, 2015. Some 17,000 people took to the streets of Athens and Thessalonique to say 'No' to the latest offer of a bailout deal, accusing Greece's international creditors of blackmail. AFP PHOTO / LOUISA GOULIAMAKI (Photo credit should read LOUISA GOULIAMAKI/AFP/Getty Images)
Carrying banners calling for a 'NO' vote in the forthcoming referendum on bailout conditions set by the country's creditors, protesters gather in front of the Greek parliament in Athens, on June 29, 2015. Some 17,000 people took to the streets of Athens and Thessalonique to say 'No' to the latest offer of a bailout deal Monday, accusing Greece's international creditors of blackmail. AFP PHOTO / LOUISA GOULIAMAKI (Photo credit should read LOUISA GOULIAMAKI/AFP/Getty Images)
An anti-EU protester burns an EU flag in front of the European Comission offices in Athens on July 2, 2015, during a demonstration supporting the no vote for the upcoming referendum. Greece's government and international creditors raised the stakes on July 2 over a weekend referendum seen as decisive for the nearly insolvent EU country's political and financial future. While Prime Minister Alexis Tsipras has urged Greeks to vote 'No' to the austerity measures demanded by international creditors, opposition parties including the centre-right New Democracy are campaigning for a 'Yes' vote in the referendum on July 5. AFP PHOTO / Louisa Gouliamaki (Photo credit should read LOUISA GOULIAMAKI/AFP/Getty Images)
Riot police march alongside anti-EU protesters in front of the European commision offices in Athens on July 2, 2015, during a demonstration supporting the no vote for the upcoming referendum. Greece's government and international creditors raised the stakes on July 2 over a weekend referendum seen as decisive for the nearly insolvent EU country's political and financial future. While Prime Minister Alexis Tsipras has urged Greeks to vote 'No' to the austerity measures demanded by international creditors, opposition parties including the centre-right New Democracy are campaigning for a 'Yes' vote in the referendum on July 5. AFP PHOTO / Louisa Gouliamaki (Photo credit should read LOUISA GOULIAMAKI/AFP/Getty Images)
ATHENS, GREECE - JUNE 29: Demonstrators during a rally in Athens, Greece, 29 June 2015. Greek voters will decide in a referendum next Sunday on whether their government should accept an economic reform package put forth by Greece's creditor. Greece has imposed capital controls with the banks being closed untill the referendum. (Photo by Milos Bicanski/Getty Images)
ATHENS, GREECE - JUNE 29: Demonstrators during a rally in Athens, Greece, 29 June 2015. Greek voters will decide in a referendum next Sunday on whether their government should accept an economic reform package put forth by Greece's creditor. Greece has imposed capital controls with the banks being closed untill the referendum. (Photo by Milos Bicanski/Getty Images)
People sing the greek national anthem under a giant greek flag, during a pro-European demonstration in front of the Greek parliament in Athens on June 22, 2015. Greece's international lenders raised hopes for a vital bailout agreement this week to save Athens from default and a possible euro exit, despite warning no deal was likely at an emergency summit. AFP PHOTO / LOUISA GOULIAMAKI (Photo credit should read LOUISA GOULIAMAKI/AFP/Getty Images)
A protester bears on her wrist the ''NO'' slogan in reference to the forthcoming referendum on bailout conditions set by the country's creditors, during a demonstration in front of the Greek parliament in Athens on June 29, 2015. Greece shut its banks and the stock market and imposed capital controls after creditors at the weekend refused to extend the country's bailout past the June 30 deadline, prompting anxious citizens to empty ATMs. AFP PHOTO / ARIS MESSINIS (Photo credit should read ARIS MESSINIS/AFP/Getty Images)
ATHENS, GREECE - JUNE 22: A man waves a EU flag as pro-Euro protesters take part in a rally in front of the Parliament on June 22. 2015 in Athens, Greece. Thousends of people attended the rally in support of Greece remaining in the European Union. The Eurozone's 19 national leaders held an emergency summit in Brussels to discuss the crisis and welcomed new proposals from the Greek government after talks today to haul Athens back from the brink of bankruptcy. (Photo by Milos Bicanski/Getty Images)
Protesters participate a demonstration in front of the Greek parliament in Athens on June 29, 2015. Greece shut its banks and the stock market and imposed capital controls after creditors at the weekend refused to extend the country's bailout past the June 30 deadline, prompting anxious citizens to empty ATMs. AFP PHOTO / ARIS MESSINIS (Photo credit should read ARIS MESSINIS/AFP/Getty Images)
ATHENS, GREECE - JUNE 29: Demonstrators during a rally in Athens, Greece, 29 June 2015. Greek voters will decide in a referendum next Sunday on whether their government should accept an economic reform package put forth by Greece's creditor. Greece has imposed capital controls with the banks being closed untill the referendum. (Photo by Milos Bicanski/Getty Images)
Protesters demonstrate during a pro-European demonstration in front of the Greek parliament in Athens on June 22, 2015. Greece's international lenders raised hopes for a vital bailout agreement this week to save Athens from default and a possible euro exit, despite warning no deal was likely at an emergency summit on Monday. AFP PHOTO / ARIS MESSINIS (Photo credit should read ARIS MESSINIS/AFP/Getty Images)
Protesters demonstrate during a pro-European demonstration in front of the Greek parliament in Athens on June 22, 2015. Greece's international lenders raised hopes for a vital bailout agreement this week to save Athens from default and a possible euro exit, despite warning no deal was likely at an emergency summit on Monday. AFP PHOTO / ARIS MESSINIS (Photo credit should read ARIS MESSINIS/AFP/Getty Images)
ATHENS, GREECE - JUNE 29: Demonstrators during a rally in Athens, Greece, 29 June 2015. Greek voters will decide in a referendum next Sunday on whether their government should accept an economic reform package put forth by Greece's creditor. Greece has imposed capital controls with the banks being closed untill the referendum. (Photo by Milos Bicanski/Getty Images)
Leftist youth hold a placard reading 'No more recession, out of the eurozone' during a demonstration in Athens calling for Greece's exit from the eurozone on June 28, 2015. Greece weighed drastic banking restrictions to stave off a financial collapse as anxious Greeks emptied cash machines amid fears that banks will be closed this week. AFP PHOTO / LOUISA GOULIAMAKI (Photo credit should read LOUISA GOULIAMAKI/AFP/Getty Images)
Foreign anti-EU activists protest in front of the Greek parliament in Athens, during a demonstration calling for 'NO' at referendum and for Greece's exit from the eurozone on June 28, 2015. Greek Prime Minister Alexis Tsipras stunned Europe late Friday with a surprise call for a July 5 referendum on the latest cash-for-reforms package and advised voters against backing a deal that he said spelled further 'humiliation'..AFP PHOTO / LOUISA GOULIAMAKI (Photo credit should read LOUISA GOULIAMAKI/AFP/Getty Images)
ATHENS, GREECE - JUNE 22: Pro-Euro protesters take part in a rally in front of the Parliament on June 22. 2015 in Athens, Greece. Thousends of people attended the rally in support of Greece remaining in the European Union. The Eurozone's 19 national leaders held an emergency summit in Brussels to discuss the crisis and welcomed new proposals from the Greek government after talks today to haul Athens back from the brink of bankruptcy. (Photo by Milos Bicanski/Getty Images)
Protesters walk over stickers reading 'Better drachma than submission' during a demonstration calling for an exit from the eurozone and a 'No' vote in the upcoming referendum in Athens on June 28, 2015. Greece weighed drastic banking restrictions to stave off a financial collapse as anxious Greeks emptied cash machines amid fears that banks will be closed this week. AFP PHOTO / LOUISA GOULIAMAKI (Photo credit should read LOUISA GOULIAMAKI/AFP/Getty Images)
ATHENS, GREECE - JUNE 18: Pro-European Union protesters take part in a rally in front of the parliament on June 18, 2015 in Athens, Greece. Thousends people attended the rally in support of Greece remaining in the EU. About three-quarters of Greeks support keeping the EU's common currency, according to recent polls. Greece and creditors failed to reach an agreement Thursday in troubled bailout talks, with a June 30 deadline looming. .(Photo by Milos Bicanski/Getty Images)
Protesters participate in a demonstration calling for a 'No' vote in the forthcoming referendum on bailout conditions set by the country's creditors, in front of the Greek parliament in Athens on June 29, 2015. Greece shut its banks and the stock market and imposed capital controls after creditors at the weekend refused to extend the country's bailout past the June 30 deadline, prompting anxious citizens to empty ATM's. AFP PHOTO / ARIS MESSINIS (Photo credit should read ARIS MESSINIS/AFP/Getty Images)
A woman is seen through a banner during a demonstration to protest against EU austerity policies and in support of the Greek government in Thessaloniki on 17 June, 2015. All eyes are on a meeting of the 19 eurozone countries to take place on June 18 in Luxembourg, but several officials including Greek Finance Minister Yanis Varoufakis said they were not expecting a breakthrough there either. AFP PHOTO /Sakis Mitrolidis (Photo credit should read SAKIS MITROLIDIS/AFP/Getty Images)
A man holds a placard with a Greek flag during a demonstartion to protest against EU austerity policies and in order to support the Greek government in Thessaloniki on 17 June, 2015. All eyes are on a meeting of the 19 eurozone countries to take place on June 18 in Luxembourg, but several officials including Greek Finance Minister Yanis Varoufakis said they were not expecting a breakthrough there either. AFP PHOTO /Sakis Mitrolidis (Photo credit should read SAKIS MITROLIDIS/AFP/Getty Images)
Communist-affiliated protesters throw leaflets from atop the occupied Finance Ministry in central Athens during their rally against EU-IMF loan deal on June 11, 2015. The Greek government said it would 'intensify' efforts to resolve differences with its EU-IMF creditors to reach a deal that would give the country desperately needed bailout funds. AFP PHOTO / LOUISA GOULIAMAKI (Photo credit should read LOUISA GOULIAMAKI/AFP/Getty Images)
Members of left wing parties shout slogans behind a burning European Union flag during an anti-EU protest in the northern Greek port city of Thessaloniki, Sunday, June 28, 2015. Greek Prime Minister Alexis Tsipras says the Bank of Greece has recommended that banks remain closed and restrictions be imposed on transactions, after the European Central Bank didn't increase the amount of emergency liquidity the lenders can access from the central bank. (AP Photo/Giannis Papanikos)
A protestor holds a banner reading in Greek "Stop to new and old bailouts" during an anti bailout protest in Syntagma square in central Athens, Thursday, June 25, 2015. EU leaders met for an EU summit to discuss, among other issues, migration and the Greek bailout. (AP Photo/Petros Karadjias)
Pensioners chant slogans during an anti-austerity protest in Athens, Tuesday, June 23, 2015. Greece's government defended Tuesday the billions worth of "harsh" new budget savings it has offered in talks with creditors, as some of the governing party's own lawmakers spoke out against them. (AP Photo/Petros Giannakouris)
A Greek pensioner from the island of Crete stands in front of a police vehicle during an anti-austerity protest organized by pensioners' unions in Athens, Tuesday, June 23, 2015. Greece's government defended Tuesday the billions worth of "harsh" new budget savings it has offered in talks with creditors, as some of the governing party's own lawmakers spoke out against them. (AP Photo/Petros Giannakouris)
Silhouettes of supporters of a NO vote in the upcoming referendum, are thrown on a "NO" banner during a rally at Syntagma square in Athens Monday, June 29, 2015. Anxious Greek pensioners swarmed closed bank branches and long lines snaked at ATMs as Greeks endured the first day of serious controls on their daily economic lives ahead of a July 5 referendum that could determine whether the country has to ditch the euro currency and return to the drachma. (AP Photo/Petros Karadjias)
A supporter of a NO vote in the upcoming referendum, waves a Greek flag in front of the parliament during a rally at Syntagma square in Athens Monday, June 29, 2015. Anxious Greek pensioners swarmed closed bank branches and long lines snaked at ATMs as Greeks endured the first day of serious controls on their daily economic lives ahead of a July 5 referendum that could determine whether the country has to ditch the euro currency and return to the drachma. (AP Photo/Petros Karadjias)
Supporters of the NO vote in the upcoming referendum, gather during a rally at Syntagma square in Athens on Monday, June 29, 2015. Anxious Greek pensioners swarmed closed bank branches and long lines snaked outside ATMs as Greeks endured the first day of serious controls on their daily economic lives ahead of a July 5 referendum that could determine whether the country has to ditch the euro currency and return to the drachma. (AP Photo/Petros Karadjias)
Tom McGrath, a vendor who sells miniatures, originally from Belfast, Northern Ireland, who has lived in Greece for the last 20 years, sits next to a satirical sign written by him, in the Plaka tourist district of Athens, Friday, June 26, 2015. With Greece facing a potential debt default June 30, European leaders have demanded finance ministers from eurozone countries reach an agreement on Saturday that will allow creditors to unblock the remaining 7.2 billion euros in Greece's international bailout program. (AP Photo/Thanassis Stavrakis)
A pensioner holds a flag bearing the picture of Argentinean revolutionary Ernesto "Che" Guevara during an an anti-austerity protest in Athens, Tuesday, June 23, 2015. Greece's government defended Tuesday the billions worth of "harsh" new budget savings it has offered in talks with creditors, as some of the governing party's own lawmakers spoke out against them. (AP Photo/Petros Giannakouris)
ATHENS, GREECE - JUNE 29: Demonstrators during a rally in Athens, Greece, 29 June 2015. Greek voters will decide in a referendum next Sunday on whether their government should accept an economic reform package put forth by Greece's creditor. Greece has imposed capital controls with the banks being closed untill the referendum. (Photo by Milos Bicanski/Getty Images)
A man holds a placard reading 'FMI+Troika=Criminals' as he protests in front of the European Commission headquarters in Barcelona during a demonstration in support of Greece, on June 29, 2015. Greece blindsided creditors on June 27, 2015 by calling a referendum for July 5 on the latest bailout proposal being offered to Greece, a move interpreted by its creditors as Athens' desire to break off negotiations. AFP PHOTO / LLUIS GENE (Photo credit should read LLUIS GENE/AFP/Getty Images)
A protester holds a Greek flag the ''NO'' slogan in reference to the forthcoming referendum on bailout conditions set by the country's creditors, during a demonstration in front of the Greek parliament in Athens on June 29, 2015. Greece shut its banks and the stock market and imposed capital controls after creditors at the weekend refused to extend the country's bailout past the June 30 deadline, prompting anxious citizens to empty ATMs. AFP PHOTO / ARIS MESSINIS (Photo credit should read ARIS MESSINIS/AFP/Getty Images)
ATHENS, GREECE - JUNE 22: Riot police stand with shields as pro-Euro protesters take part in a rally in front of the Parliament on June 22. 2015 in Athens, Greece. Thousends of people attended the rally in support of Greece remaining in the European Union. The Eurozone's 19 national leaders held an emergency summit in Brussels to discuss the crisis and welcomed new proposals from the Greek government after talks today to haul Athens back from the brink of bankruptcy. (Photo by Milos Bicanski/Getty Images)
A protester burns a five-euro banknote during a demonstration calling for an exit from the eurozone and a 'No' in the upcoming referendum in Athens on June 28, 2015. Greece weighed drastic banking restrictions to stave off a financial collapse as anxious Greeks emptied cash machines amid fears that banks will be closed this week. AFP PHOTO / LOUISA GOULIAMAKI (Photo credit should read LOUISA GOULIAMAKI/AFP/Getty Images)
Protesters take part in a demonstration in front of the Greek parliament in Athens on June 29, 2015. Greece shut its banks and the stock market and imposed capital controls after creditors at the weekend refused to extend the country's bailout past the June 30 deadline, prompting anxious citizens to empty ATMs. AFP PHOTO / Angelos Tzortzinis (Photo credit should read ANGELOS TZORTZINIS/AFP/Getty Images)
Supporters of the No vote celebrate after the results of the referendum in the northern Greek port city of Thessaloniki, Sunday, July 5, 2015. Greeks overwhelmingly rejected creditors’ demands for more austerity in return for rescue loans in a critical referendum Sunday, backing Prime Minister Alexis Tsipras, who insisted the vote would give him a stronger hand to reach a better deal. (AP Photo/Giannis Papanikos)
A supporter of the No vote shouts slogans after the results of the referendum in the northern Greek port city of Thessaloniki, Sunday, July 5, 2015. Greeks overwhelmingly rejected creditors’ demands for more austerity in return for rescue loans in a critical referendum Sunday, backing Prime Minister Alexis Tsipras, who insisted the vote would give him a stronger hand to reach a better deal. (AP Photo/Giannis Papanikos)
Supporters of the No vote react after the results of the referendum at Syntagma square in Athens, Sunday, July 5, 2015. Greece faced an uncharted future as its interior ministry predicted Sunday that more than 60 percent of voters in a hastily called referendum had rejected creditors' demands for more austerity in exchange for rescue loans. (AP Photo/Emilio Morenatti)
Children wave Greek flags as supporters of the No vote react after the first results of the referendum at Syntagma square in Athens, Sunday, July 5, 2015. Greece faced an uncharted future as its interior ministry predicted Sunday that more than 60 percent of voters in a hastily called referendum had rejected creditors' demands for more austerity in exchange for rescue loans. (AP Photo/Petros Giannakouris)
Supporters of the No vote react after the referendum's exit polls at Klafthmonos square in Athens, Sunday, July 5, 2015. Greece faced an uncharted future as officials counted the results of a referendum Sunday on whether to accept creditors' demands for more austerity in exchange for rescue loans, with three opinion polls showing a tight race with a narrow victory likely for the "no" side. (AP Photo/Petr David Josek)
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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 program from the European Stability Mechanism bailout fund, due to be submitted within hours.

At stake is more than just the future of Greece, a nation of 11 million that makes up just 2 percent of the euro zone's economic output and population.

If Greek banks run out of money and the country has to print its own currency, it could mean a state leaving the euro for the first time since it was launched in 1999, creating a precedent and fuelling doubts about the long-term viability of an incomplete European monetary union.

"Even if it did not trigger a short-term domino effect, the integrity of the euro zone would come under fresh threat with each episode of political uncertainty within member countries," said Thibault Mercier, an analyst at BNP Paribas.

Even in France, the euro zone country most sympathetic to Athens, an opinion poll published on Tuesday showed one in two people want Greece to leave the euro zone.

What's Next for Greece?
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