Greece are required to submit proposals for a specific bailout agenda by Thursday.
EU president Donald Tusk said that was the case after an emergency summit of eurozone leaders.
“The Greek government will on Thursday, at the latest, set out in detail its proposals for a comprehensive and specific agenda,” Tusk said.
“Inability to find an agreement may lead to bankruptcy of Greece and insolvency of its banking system.”
Tusk also confirmed that EU leaders would meet on Sunday over the issue.