Greek Prime Minister Alexis Tsepras is expected to give proposals at a Eurozone summit on his country’s debt crisis.
The proposal will include a plan for Greece’s debt to be cut by upto 30% after voters rejected the terms of an international bailout on Sunday.
The European Central Bank is maintaining its pressure on Greek Banks by refusing to increase emergency funding and ordering them to provide more security for existing emergency loans.
Mr Tsepras may be prepared to accept many of the demands made by Greece’s creditors.
Mr Tsakalotos, the Greek Finance Minister has accepted that he is nervous and worried about the crisis but said that Greece deserved a better deal.
Germany has earlier warned against any unconditional write-off of Greece’s debt, saying it would be the single currency.
Eurozone Finance Ministers will meet in Brussels on Tuesday before a full summit of eurozone leaders.