European Parliament President Martin Schulz warned Greece of "dramatic" consequences if it fails to lay down tight austerity measures.
Similarly, the European Commission President Jean-Claude Juncker is pushing for a new Greek proposal after Greek Prime Minister Alexis Tsipras called the measures requested by its international lenders “clearly unrealistic.”
Tsipras spoke harshly at a Parliamentary session in Athens on Friday saying that the unrealistic demands of its international creditors were like “a bad negotiating trick.”
Juncker, slowly losing patience, said that he will wait for the Syriza government to offer a new proposal in order to settle dragging negotiations over a bailout deal.
However, a Greek government official who wishes not to be named, wrote in an email that a “Greek plan” was on the table and awaiting feedback.
Schulz, who has previously shown support to Greece’s motives, told the German newspaper Welt am Sonntag in an interview published on Sunday, that the European Union (EU) is prepared to assist the leftist government as lenders have already made adjustments to the debt talks.
"I can only warn the Greek government against turning down the hand held out to them," he said, while adding that "time is running out and the consequences would be dramatic."
Greek Finance Minister Yanis Varoufakis, spoke to the local Proto Thema newspaper on Sunday, expressing his objection over the lender's recent proposal.
“As finance minister, I refuse to put my signature on a deal such as the one being recently proposed.”
“We will not sign a deal that extends this self-feeding crisis of the last five years.” he said.
Greece and its foreign lenders - the International Monetary Fund (IMF), the European Central Bank (ECB) and the European Commission (EC) have been in talks to unlock the remaining 3.6 billion euros in bailout funds for the debt burdened county.
The economic crisis in Greece continues to get worse as it now heads towards a default on its loans and faces the risk of a potential exit out of the euro zone.
The Greek debt crisis is expected to be one of the key focuses at the Group of Seven (G7) leaders' summit in southern Germany from Sunday over the next two days.