Emergency talks between eurozone leaders in Brussels aimed at resolving the Greek crisis have gone on through the night without an agreement.
The Athens government is desperate for a resolution to avoid a meltdown of its banking system.
European Central Bank (ECB) president Mario Draghi has warned eurozone finance ministers that Greek banks are at risk and that the need for a deal is pressing, a Greek government official claimed.
Several officials have reportedly said there are still wide differences among the 19 leaders of the eurozone countries on the terms of a third bailout.
German chancellor Angela Merkel is demanding tough conditions before releasing more cash to Greece, while French president Francois Hollande is calling for unity among the countries that use the euro.
Greek prime minister Alexis Tsipras has insisted that a deal to offer an economic lifeline to his debt-stricken country can be reached.
Mr Tsipras said he was ready for an "honest compromise" with the other 18 leaders in Brussels as they considered his application for another bailout .
But major stumbling blocks remain, and the Greek government believes that some of the measures demanded by creditors - such as a requirement to deposit 50 billion euro (£35.8 billion) worth of state-owned assets into a special fund for subsequent sell-off - appear intended to "humiliate" the Syriza administration.
A draft proposal put to the eurozone leaders even raises the prospect of a temporary Grexit, referring to a "time-out from the euro area" if no deal can be reached.
Greece has asked Europe's bailout fund for a three-year 53.5 billion euro (£38.4 billion) financial package but many officials in Brussels say the figure will have to be much higher and insist on tough austerity measures which will be a bitter pill to swallow for Mr Tsipras, who was elected on a radical anti-austerity platform.
The broad outlines of a deal appeared to consist of a long series of commitments from Mr Tsipras to push through a reform plan within days, while the 18 other eurozone leaders would commit to start talks on a new bailout programme.
Without a deal, the ECB will not be able to increase emergency liquidity assistance to Greek banks. It has frozen its help over the past couple of weeks as the lenders have stayed closed.
The fear is that the banks may have exhausted all their cash reserves, which could spark financial chaos.
There will also be nervous eyes on the financial markets as they reopen across Europe after the weekend if the uncertainty continues.