Eurogroup Waiting for New Reform Proposal from Greece

The Eurozone would like to receive a new letter with reform proposals from Greece, Eurogroup head Jeroen Dijsselbloem has said.

His remarks came minutes after a new Eurogroup meeting on Tuesday ended with no concrete results.

Greek Finance Minister Euclid Tsakalotos, who took over from Yanis Varoufakis on Monday, was also present.

Dijsselbloem told reporters: "We wont'be talking for a medium-term program for reasons of credibility".

"There is a great sense of urgency, we all share it... We know how difficult the situation in Greece is as we speak," he added.

Athens is now expected to table fresh proposals on Wednesday.

Asked if the ECB will count on political signals to decide on support for the Greek banks, he said no political signals would be sent to the ECB, which he reminded is "independent" and has to decide for itself.

On Sunday Greek citizens rejected in a referendum proposals submitted by international lenders which would have led to an extension of the bailout program for the debt-ridden country.

Greece missed last Tuesday a deadline to pay a loan installment to the International Monetary Fund, and since then fears have been mounting the country might have to leave the Eurozone.

A EU Summit dedicated to Greece is due later on Tuesday, and the country's PM Alexis Tsipras will visit the European Parliament the day after.

EU Commission President Jean-Claude Juncker is quoted by the Guardian as saying the ball is now in Tsipras' hands.

German Chancellor Angela Merkel later warned that a deal with Greece is "not a matter of weeks any more, it's a matter of  days."

She also warned there was still "no basis" for negotiations with the government in Athens.