Eurozone officials are giving Greek Prime Minister Alexis Tsipras until Sunday to present a credible plan that will tackle his country's debt or face the consequences which includes the prospect of Greece's removal from the Eurozone.

CNBC reported that the Greek government failed to present a plan to tackle the country's debt in a Eurozone meeting on Tuesday. Tsipras assured other European heads of state that Greece will present their proposal soon and start talks immediately. 

Like Us on Facebook

The Greek PM attended the Euro summit in Strasbourg where he gave a speech. He told his audience that the 'no' victory in the referendum was Greece's reply to the austerity deal that was earlier proposed by Euro creditors.

Greece's debt relief plan must first be agreed upon by all the EU leaders or at least an overwhelming majority before the set Sunday deadline expires. If the Greek proposal is rejected, Greece and its banks face the terrible prospect of being broke and insolvent and may eventually be forced to leave the Eurozone, according to Aljazeera.

A number of EU officials are sympathetic to Greece's plight but insist that the Greeks must first submit their debt restructuring proposal. In a BBC interview, Pierre Moscovici, an EU commissioner, said that his organization does not relish the prospect of a European country like Greece leaving the Eurozone. But he said that the Greeks will need to convince its fellow Euro members of its sincerity to end the debt crisis.

The BBC reported that the Greek government may agree to most of the earlier terms but Tsipras would most likely demand another batch of fresh loans and a deal that would somehow reduce his country's existing debt. He would also want help from other Euro partners to jump-start the country's economy.

Both sides are under pressure to resolve Greece's debt crisis as soon as possible. The Greek state and its banks are down to their last Euro currency reserves. Other leaders in the Eurozone are also facing mounting criticism from their constituents with regards to the way they are handling the ongoing financial crisis.

TagsGreece debt crisis, Alexis Tsipras, Eurozone deal, European Union, Greece debt relief, Greece debt restructuring, euro, Grexit, Greece Banks