Euro zone leaders gathered in Brussels for an informal emergency summit late Monday, trying to reach an agreement on Greece's new proposal offered this morning."Time is running (out), not only for Greece, but for all of us," said President of the European Council Donald Tusk when making a short statement minutes before the crucial summit that will determine Greece's fate.

Greece this morning presented a second version of "mutual beneficial" proposals on the country's further economic reform, a week before its 1.6-billion-euro debt to the IMF to expire at the end of this month.

"The 'let us wait and see' strategy must end," Tusk said, urging his colleagues to take full responsibility during the following hours to "respect all tax payers in all countries."

Talks between Greece and its international creditors have been in deadlock for five months. The European Commission, the IMF and the European Central Bank are unwilling to unlock the final 7.2 billion euros (8.2 billion US dollars) tranche of bailout funds until Greece agrees to economic reforms.

Commenting that "blame game leads nowhere," Tusk told reporters he wants "all cards on the table" this evening.

On the arrival of the summit, European Commission President Jean-Claude Juncker told the press his goal is to reach an agreement this week.

"It is not going to be easy," he said. "We will work intensively as we have done these last two days."

German Chancellor Angela Merkel, however, expressed her pessimistic warning on Greece's new plan before heading to the conference. "After today's Euro group meeting there is no basis for a decision, thus we will only be able to have a counseling meeting."

The ongoing Greek debt crisis has also aroused great concern among euro zone leaders.

"Greece leaving the euro zone is a lose-lose situation," said Luxembourg Prime Minister Xavier Bettel, urging leaders to reach solutions on both sides.

"I hope that a sustainable solution can be reached," said Charles Michel, Prime Minister of Belgium before the summit.