Sunday 12 July 2015 5:00 am

Greece debt crisis: EC president Donald Tusk cancels 28 member EU Summit as European finance ministers resume “difficult” talks

An emergency summit between the 28 leaders of the European Union has been called off, as talks between European finance ministers resume today in a last-ditch effort to come to an agreement on Greece's bailout proposals.

Ministers locked in talks until midnight on Saturday failed to come to a consensus on Greece's proposals for new financial assistance put forward by Greek Prime Minister Alexis Tsipras on Thursday.

"It is still very difficult, but work is still in progress," said Eurogroup President Jeroen Dijsselbloem as the group remained divided on whether the proposed reforms are a basis for Greece's third bailout in five years to begin being negotiated.

"We had an in-depth discussion on Greek proposals. The issue of credibility and trust was discussed and also, of course, the financial issues involved. But we have not concluded our discussion and we will continue at 11am [9am GMT]," he said leaving the meeting.

The group have reconvened in Brussels on Sunday morning, while a further emergency meeting which had due to take place between the 28 leaders of the European Union and billed as the final deadline for avoiding a Grexit, has been cancelled.

A meeting will instead involve the leaders of the 19 eurozone countries, according to the European Council president Donald Tusk.

"The stark reality is that only have five days to find the ultimate agreement," Tusk had said earlier this week."Until now I avoided talking about deadlines, but tonight I have to say it loud and clear – the final deadline ends this week. All of us are responsible for the crisis, and all of us have a responsibility to resolve it."

Germany has readied plans for Greece to leave the Eurozone temporarily in the event that a deal is not reached, according to leaked documents from its finance ministry.