The deadline for Greek government to submit new bailout proposals has been set for Thursday, following an emergency eurogroup meeting summit in Brussels on Tuesday.
The eurozone decision followed a Greek referendum on Sunday saw voters overwhelmingly rejecting bailout terms proposed by the creditors earlier.
Greece had no new concrete plans to propose in the summit, instead altered a few changes to an earlier draft in respect to "the mandate of the referendum."
On Sunday, a meeting was scheduled for all 28 members of the European Union.
President of the European Council, Donald Tusk has claimed that Greece’s economic crisis was the "most critical moment in the history of the eurozone."
"The final deadline ends this week," he said.
Tusk said a bankruptcy and collapse of the Greek financial system will impact all of Europe, and anyone who thinks otherwise is naïve.
German Chancellor Angela Merkel said leaders of the eurozone have ahead of them a "serious, candid discussion" in Brussels that "reflected the seriousness of the situation at hand."
She added that the eurozone leaders ‘‘respect the results of the referendum’’ in Greece but all member countries of the European Union have a ‘‘shared responsibility’’ for the welfare of the group.
Merkel called on for a long term debt programme, not one that would just temporarily fix the Greek economy.
President of the European Commission Jean Claude Juncker said Greece must stay a part of the eurozone but we must hear from them first by the end of the week, that their intention is to exactly that.
Italian Prime Minister Matteo Renzi Alexis Tsipras was acting with good intentions in order to provide a sensible resolution for the debt crisis.