Greece is expected to request a six-month extension of its loan agreement, according to reports.
On Monday night, Greece rejected a plan to extend its €240bn bailout, describing it as "absurd". Without a deal, Greece is likely to run out of money.
Thousands of anti-austerity demonstrators people rallied in front of the Greek Parliament in Athens on Monday ahead of bailout talks in Brussels. Photo: AFP
The eurozone has given Greece until Friday to decide if it wants to continue with the current bailout deal.
Greece wants to replace the bailout with a new loan that it says would give it time to find a permanent solution to the debt crisis.
The loan would not be an extension of the current bailout agreement, which includes strict austerity measures, Greek government officials were quoted as saying.
Greece's current bailout expires on 28 February. Any new agreement would need to be approved by national governments, so time is running out to reach a compromise.
Alexis Tsipras Photo: AFP
Earlier Greek Prime Minister Alexis Tsipras called for a vote to scrap its austerity programme on Friday, the same day as the eurozone deadline.
"We will not succumb to psychological blackmail," Mr Tsipras told parliament.
Germany's Finance Minister, Wolfgang Schaeuble, has said Greece needed to make up its mind whether it wanted to extend the bailout programme.
"None of my colleagues so far understands what Greece wants ... whether Greece itself knows is not clear either," he said.
Mr Tsipras criticised Mr Schaeuble, saying that the German finance minister had lost his cool on Monday.
"Not because he spoke up against the Greek government, because that is his right, but he spoke condescendingly towards the Greek people," he said.
US investment bank JP Morgan claimed over the weekend that €2bn worth of deposits was flowing out of Greek banks each week and estimated that if that were to remain the case, they would run out of cash to use as collateral against new loans within 14 weeks.
The most up-to-date figures from the Greek central bank show deposits dropped 2.4 percent month-on-month in December to €160.3bn from €164.3bn, marking the third monthly fall in a row.
- BBC