Eurozone leaders yesterday (June 22) welcomed Greece’s new budget proposals as a basis for a possible agreement in the coming days.

European Council President Donald Tusk, who chaired an emergency summit, called the Greek proposals "a positive step forward" [video]. The aim was to have the Eurogroup finance ministers approve a cash-for-reform package on Wednesday evening (June 24), putting it to eurozone leaders for final endorsement on Thursday morning (June 25), he noted.

"I am convinced that we will come to a final agreement in the course of this week," European Commission President Jean-Claude Juncker told a late-night news conference.

"The ball is in the court of the European authorities," Greek Prime-Minister Alexis Tsipras told reporters after the emergency summit in Brussels. “Negotiations will continue over the next two days. We don't want a fragmented deal that is only for a limited time. We want a complete and viable solution. For the first time the burden will not lie on workers and pensioners. We are protecting middle class families and for the first time the burden will lie on those who can pay” he added.