Athens is looking for a way to avoid debt default, and last night put forward a new reform plan for consideration.
Finance Ministers from the single currency states are due to meet today to consider the proposals, before leaders gather later.
Reporter Philip Pangalos in Athens says it is a very serious situation but there is some optimism in Greece, for the first time in a while.
“People are very nervous if a deal isn't found today, it's going to be a tricky day for Greece tomorrow” he said.
“We expect…savers to take more money out of banks, and it's though Greek bank deposits are worth about half the level they were five years ago before the crisis began” he said.
“Timing is running out very fast – but there is hope that there could finally be a breakthrough” he added.
