The leaders, who have been closeted since 5 p.m. (1500 GMT; 11 a.m. EDT), have vowed to keep talking until something concrete can emerge. It has frozen its help over the past couple of weeks as the banks have stayed closed.
A European diplomat said the finance ministers’ list also included a German option for ring-fencing some 50 billion of Greek state assets in a fund which would be held against the privatization proceeds Athens says it will now raise.
The eurozone talks were not about whether to agree a new bailout, but rather over whether to allow further negotiations over the rescue package pushed by Greece.
It’s believed that the financially embattled country has agreed to some of the economic measures table by its creditors, even though they were previously rejected in a referendum last week.
Greece fell into arrears on a worldwide Monetary Fund repayment on 20 June and faces a €3bn payment to the European Central Bank on 20 July. Greece’s banks, according to some accounts, have barely enough cash in their vaults to see the country through the week.
Riled by six months of personal attacks and contradictory messages from Athens, euro-area policy makers are forcing Tsipras to overcome the credibility gap they said was a key hurdle to more loans.
“There will be no agreement at any price”, Ms Merkel told reporters in Brussels as she joined leaders from the 19-country eurozone.
But fears are mounting that the results of Friday’s parliamentary vote in Athens could have critically weakened the Greek government’s ability to quickly legislate on the reforms as demanded by the eurozone.
“The most important currency has been lost and that is trust”, Merkel said.
And it has also accepted it will push reforms into law this week on a first set of measures as it tries to avoid a “Grexit”.
Greece wants €53.5bn from Europe’s bailout fund, but as it’s already been bailed out three times in the past five years – potential creditors want guarantees.
If Greek government fails to reach an agreement with European partners, it would mean an end to all bailout negotiations.
One of the few supports Greece has in its fight to secure more money is France.
A planned summit on Sunday of all 28 European Union leaders, including David Cameron, that would have been needed in case there was a “Grexit” from the single currency was cancelled due to slow progress during finance minister talks. “I know that nerves are frayed, but it has to be ensured that the benefits outweigh the disadvantages”.
Syriza politician and vice-president of the European Parliament Dimitrios Papadimoulis said on Mega TV: “What is at play here is an attempt to humiliate Greece and Greeks, or to overthrow the Alexis Tsipras government”.
Domestic politics in Finland and major lack of trust of the Greek government from all sides are said to have been some of the obstacles to success yesterday.
Finance ministers broke up talks Saturday after more than eight hours with Greece’s creditors unconvinced that the Tsipras government could be trusted to reform the Greek economy.
But the talks remain a complex and European Commission Vice President Valdis Dombrovskis said it was “utterly unlikely” a mandate would be achieved in Sunday’s meeting to start formal negotiations on the third bailout.
“We will definitely not be able to rely on promises”, he said.
The eurozone ministers have to give their blessing to Greece’s bailout request to the European Stability Mechanism.
Greece has received two previous bailouts totalling 240bn euros ($268bn) in return for deep spending cuts, tax increases and reforms from successive governments.
Tsipras has made much of the need for a restructuring of Greek debt, which stands at around 320 billion euros ($357 billion), or a staggering 180 percent or so of the country’s annual GDP.