On Sunday, which is considered as “the real final deadline” for Greece, a meeting of all 28 members of the European Union will be held and new proposals from Greece are going to be discussed by the eurozone finance ministers.
However, the Eurogroup announced on Thursday that eurozone finance ministers will meet on Saturday at 3:00pm (15.00 GMT) to assess Greek proposals, which are aimed to secure a new bailout loan to prevent the country from exiting the single currency.
Saturday’s meeting is expected to establish a ground for the critical “make-or-break” summit on Sunday. If Greece and creditors will not be able to reach a deal, Greece will be on its own on Monday morning, which could lead to collapse of its banks and returning to old currency, the drachma.
In the meantime, Greek Prime Minister Alexis Tsipras was finalising a tough package of tax hikes and pension reforms to send to eurozone policymakers by midnight.
European Council President Donald Tusk, who is going to chair the special Eurogroup summit on Sunday, said he hoped the plans would be concrete and realistic.
"The realistic proposal from Greece will have to be matched by an equally realistic proposal on debt sustainability from the creditors. Only then will we have a win-win situation," he said. "Otherwise, we will continue the lethargic dance we have been dancing for the past five months," Tusk added.
Additionally, German Chancellor Angela Merkel ruled out a classic “haircut” - a write-off of principal. However, she said other forms of debt relief such as extending loan maturities, lower interest rates or a longer moratorium on debt service payments could be reviewed.
As the whole world is patiently waiting to see the future of Greece, European Central Bank President Mario Draghi said he had unusual doubts about the chances of rescuing Greece.