European Commission head Jean-Claude Juncker said Tuesday that the EU had prepared for every outcome in the Greek debt crisis, including its possible exit from the euro single currency.
"The Commission is ready for everything. We have prepared a Grexit scenario in detail… a humanitarian scenario and the scenario of keeping Greece in the eurozone," Juncker said after an emergency summit of eurozone leaders on Greece's future.
European Council President Donald Tusk says the protracted negotiations to keep Greece from financial collapse and in the eurozone "is maybe the most critical moment in our history."
After calling for the emergency summit in the wake of Sunday's Greek "no" vote to proposals from its eurozone partners, Tusk said the 19 leaders agreed to give Prime Minister Alexis Tsipras one final shot to keep his nation afloat with the aid of his allies sharing the euro currency.
"I have to say it loud and clear the final deadline ends this week," he said.
On Sunday, the 28 leaders of the full European Union will meet to assess Greece's final proposals.