By Jonathan Davies
France will do everything it can to push through a new deal for Greece, Prime Minister Manuel Valls has said.
Mr Valls said it would be too risky to allow Greece to leave the eurozone.
"The basis for a deal exists," he said ahead of an emergency eurozone summit.
Greek Prime Minister Alexis Tsipras was expected to deliver new proposals, but European officials, including Malta Prime Minister Joseph Muscat, have confirmed that Greece failed to present any new proposals.
The new proposals were expected to include a demand for the country's debt to be cut by 30% after the Greek public voted against the austerity reforms proposed by the country's creditors.
With Greek banks due to remain closed on Tuesday and Wednesday, eurozone finance ministers have urged Mr Tsipras to make "serious" proposals with the risk of default growing everyday.
The European Central Bank (ECB) is refusing to increase emergency lending to Greek banks until more security on existing loans is provided.
Eurozone finance ministers meet in Brussels, ahead of a full summit with eurozone leaders.
Addressing the European Parliament this morning, European Commission president Jean-Claude Juncker said: "The Greek delegation left the negotiating table - you don't do that in Europe. It was a big mistake. We must try and find a solution. It can't be done today - today we'll pave the way, through talks and mutual understanding, to put things in order... The ball lies in the Greek government's court."
