By Jonathan Davies

Greece must submit new proposals for a bailout deal by Thursday, the eurozone has said.

It also called for a full summit of EU leaders on Sunday. It comes after Greece failed to present new proposals at a summit of eurozone leaders yesterday (Tuesday).

European Council President Donald Tusk said this is the "most critical moment in the history of the eurozone".

"The final deadline ends this week."

Greeck Prime Minister Alexis Tsipras was expected to deliver new proposals yesterday alongside new finance minister Euclid Tsakalotos, which were expected to include demands to cut Greece's debt by 30%. Instead, Mr Tsakalotos turned up with hand written notes for his European counterparts.

If new proposals are submitted over the next day or so, finance ministers are likely to discuss them before the EU summit on Sunday.

Yesterday, French Prime Minister Manuel Valls said the country would do everything it can to push through a new deal.