AKIPRESS.COM - Greece faces a critical 24 hours as European leaders gather for an emergency summit in Brussels that could break the deadlock around the country's debt crisis.

On Sunday, Greek PM Alexis Tsipras set out new proposals to try to prevent a default on a €1.6bn (£1.1bn) IMF loan.

One European official said the proposals held plenty of promise, BBC reports.

Greece must repay the loan by the end of June or risk crashing out of the single currency and possibly the EU.

Talks have been in deadlock for five months, with the European Commission, the IMF and the European Central Bank (ECB) unwilling to unlock the final €7.2bn tranche of bailout funds until Greece agrees to economic reforms they want to see introduced.

The three creditors must agree to the deal offered by Greece to ensure Monday's talks have a clear focus.