Greece debt: Eurozone sets 'final deadline' for new plan

"The final deadline ends this week," European Council President Donald Tusk said after emergency talks in Brussels. 

The eurozone had expected Greece to submit fresh plans on Tuesday after its voters rejected a deal in a referendum, but no new proposals were tabled.

The European Parliament is now debating Greece. 

Greek PM Alexis Tsipras was greeted by boos and cheers as he entered the chamber.

On Sunday, a meeting of all 28 members of the EU will be held - a day after the new Greek proposals are expected to be discussed by the eurozone finance ministers.

In Brussels, Greece has been given an ultimatum: either there will be a deal or Greece and its banks face the prospect of going bust on Monday, the BBC's Chris Morris reports.

EU Economy Commissioner Pierre Moscovici told the BBC's Today programme that Europe wanted to stop Greece falling out of the euro.

"The Commission does not want a Grexit. Grexit would be a terrible failure and we are fighting to avoid it."

But, first, he said proposals must come from the Greek side.

"They know what they have to do, they know what we expect".

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Speaking at a news conference late on Tuesday, Mr Tusk said a Greek bankruptcy and the collapse of the Greek banking system would affect the whole of Europe, and that anyone who thought otherwise was naive.

He said this was now the "most critical moment in the history of the eurozone".