Thursday is the 'final deadline' for Greece to come up with plan for creditors

The eurozone is giving Greece until Thursday to come up with new proposals to secure a deal with its creditors.

This is the "most critical moment in the history of the eurozone," European Council President Donald Tusk said. "The final deadline ends this week." During an emergency summit Tuesday in Brussels, it was expected that new Greek Finance Minister Euclid Tsakalotos would bring written proposals, but instead only supplied an oral update on Greece's financial situation. The problem goes beyond Greece, French President Francois Hollande said, adding, "It's the future of the European Union."

Greek Prime Minister Alexis Tsipras said he wants a "socially just and economically viable agreement," and suggested on Tuesday night he will agree to several demands from creditors, including some that he rejected in the past. In return, he wants a third bailout from the eurozone, an agreement on restructuring Greece's public debt, and measures to encourage economic growth, the BBC reports.

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