+++ Greece debt crisis - live updates +++

All updates in Universal Coordinated Time (UTC)

04.06 That just about wraps things up for tonight, but with the talks still ongoing, we have a summary of the latest events right here.

03:00 German Chancellor Angela Merkel, Greek Prime Minister Alexis Tsipras, French President Francois Hollande, and EU Council President Donald Tusk have proposed "compromise" on Greek bailout deal, reported AFP news agency citing a European source.

00:34 Social media users lashed out at a leaked bailout plan as eurozone talks continued. #ThisIsACoup became the second top-trending hashtag on Twitter globally and topped the charts in Greece and Germany.

The trending hashtag was also mentioned by Nobel-Prize winning economist Paul Krugman in a New York Times opinion piece.

"Even if all of that is true, this Eurogroup list of demands is madness. The trending hashtag ThisIsACoup is exactly right," Krugman said.

23:39 Cyprus' government spokesperson Nicos Christodoulides announced that the eurozone summit will not reconvene before 02:00 Brussels time.

22:25 Asian markets reacted to mixed reports regarding a bailout deal for Greece. The euro was slightly down against the dollar in Asian trade on Monday amid continued talks at the eurozone summit.

21:51 Malta's Prime Minister Joseph Muscat announced that the eurozone summit was taking a break in order to provide opportunities for short consulations. Muscat added that progress had been made, but "still a way to go."

21:34 Here's what's said to be the full four-page draft Eurogroup document we first mentioned a few hours ago. This tweet from Sky News economics editor, Ed Conway:

20:28 In a letter to SPD MPs, German Vice Chancellor and SPB leader Sigmar Gabriel and EU Parliament President Martin Schulz have assured that they not want a temporary eGreek exit from the eurozone.

19:53 A Greek government source has described the leaked bailout plan, drawn up by eurozone finance ministers earlier on Sunday, as "very bad."

"The text in its entirety is very bad. We are trying to find solutions," the source said, adding that Greece cannot afford a delay in negotiations.

18:58 According to representatives of the German and Greek governments, German Finance Minister Wolfgang Schäuble has been seen in discussion at the edge of the EU summit with his Greek and French counterparts, Euklid Tsakalotos and Michel Sapin.

18:52 As eurozone leaders continue desperate talks to reach an agreement over Greece in Brussels, German President Joachim Gauck has defended the actions of his country's Chancellor Angela Merkel and Finance Minister Wolfgang Schäuble over the Greek debt crisis.

Speaking to ZDF's "Berlin direkt," Gauck said Merkel was not striving "for any victory," but rather to end a situation "where for many years, rules have either been blatantly ignored or inadequately controlled."

The German president also urged Greece to remain in the eurozone.

"This Europe agreed to stay together," he said.

18:15 After almost two hours of consultations with Angela Merkel, Francois Hollande and Alexis Tsipras, EU Council President Donald Tusk has recommenced the Euro Summit in Brussels. Negotiations between the eurozone's 19 state and government leaders are set to continue late into the night.

17:50 Leading economist and Nobel laureate Joseph Stiglitz has accused Germany of displaying a "lack of solidarity" with Greece.

"You cannot run a eurozone without a basic modicum of solidarity," said the former World Bank chief economist.

"Asking even more from Greece would be unconscionable. If the ECB allows Greek banks to open up and they renegotiate whatever agreement, then wounds can heal. But if they succeed in using this as a trick to get Greece out, I think the damage is going to be very very deep."

Greece is currently saddled with debt of around 320 billion euros ($355 billion).

16:50 During a break at the special EU summit in Brussels, Greek leader Alexis Tsipras was seen huddled with his French and German counterparts Francois Holland and Angela Merkel. After three hours of talks, the 19 eurozone leaders look set to continue late into the evening as they work to stave off a financial collapse in Greece and a potential "Grexit" from the euro.

16:45 The same four-page document drafted by eurozone finance ministers on Sunday says that a new bailout for Greece could be as much as 82-86 billion euros ($91- 96 billion).

16:15 According to a document obtained by the AFP news agency "time-out" for Greece from the euro is till an option.

"In case no agreement could be reached, Greece should be offered swift negotiations on a time-out from the euro area, with possible debt restructuring," the paper said.

The passage in the document which was given to eurozone leaders is, like several points, in brackets, indicating that it was not unanimously approved during talks on Sunday morning and needs the approval of leaders.

15:10 Italian Prime Minister Matteo Renzi has urged Europe to move on from the Greek crisis.

"There's a great need for Europe to go back to do what it needs to do," Renzi said.

The Italian premier warned that Europe risks "losing the trust" of its citizens if it fails to tackle other issues such as Libya and the ongoing Ukraine conflict, as well as Iran nuclear talks.

14:31 According to Austrian Finance Minister Hans Jörg Schelling, a "Grexit" isn't "on the cards at the moment."

14:25 Finnish Finance Minister Alexander Stubb has confirmed that a package of proposals have been sent to eurozone leaders for discussion at the emergency summit.

As part of the plan, Stubb said the Greek parliament must pass a number of unspecified reforms by Wednesday.

The Finnish finance minister refused to comment, however, on whether Greece would receive any help reopening its banks.

14:20 Eurogroup President Jeroen Dijsselbloem has said the final decision on a bailout for Greece now lies with the special euro summit.

"We've come a long way," Dijsselbloem said of Sunday's talks, adding that "some big issues still remain."

"We're now going to inform the leaders and they're going to discuss and hopefully decide on those last issues."

14:18 The eurozone summit of the 19 national leaders is underway.

14:07 Eurozone finance ministers have ended their talks in Brussels. According to Luxembourg's finance minister, Pierre Gramegna, the group has sent a letter to heads of state and government of the 19 eurozone countries.

13:38 With great enthusiasm for this afternoon's summit, President of the EU Parliament Martin Schulz has said that a decision on the fate of Europe's future is in the hands of the 19 eurozone leaders.

"I believe there will be an agreement today," Schulz said. "It's about the cohesion of Europe."

13:35 The head of the European Commission, the EU's executive arm, Jean-Claude Juncker, has said he will "fight until the very last millisecond" for a deal that keeps Greece in the euro.

13:30 Questioned about the negotiations on a third Greek bailout package at the eurozone summit, German Chancellor Angela Merkel has said they will be "extremely difficult."

Merkel stressed that the summit would not come to an agreement "at any price."

13:25 French President Francois Hollande said that it isn't just Greece's future at stake, but Europe's.

"France is going to do everything to reach an agreement tonight," Hollande said as he arrived for the eurozone summit. Hollande also sought to brush off rumors of a temporary "Grexit."

"Greece is either in or out," the French president said.

13:05 Greek Prime Minister Alexis Tsipras believes the eurozone can start negotiations for a new Greek aid package at Sunday's talks. "We can reach a compromise if all parties so wish," he said.

12:24 German Deputy Chancellor and Social Democratic Party leader Sigmar Gabriel has rejected speculation regarding a possible Greek exit from the eurozone. "We want to do everything to keep Greece in the Euro," Gabriel said, stressing that this was also the view of the German government.

12:00 DW's Max Hoffmann reports from eurozone negotiations in Brussels.

09:30 In Brussels, finance ministers from all 19 eurozone countries have recommenced talks on a new Greek bailout deal. Ministers negotiated with Athens for nine hours yesterday.

07:52 EU Council President Donald Tusk has canceled a summit between EU leaders on Sunday evening. Tusk has said the focus should now be on eurozone talks with a summit to be held between eurozone leaders to begin at 14:00.

ksb/sms (Reuters, AFP, AP, dpa)