Eurozone countries will convene at a summit on Monday after talks between Greece and its creditors ended with no deal.
The failure to make a deal threatens the entire eurozone economy if Greece does not make debt repayments during the summer. European officials refused to ease demands on new bailout terms, which would allow the country to make its June 30 debt repayment.
"It is time to urgently discuss the situation of Greece at the highest political level," European Union President Donald Tusk said on Thursday.
The European Union's economic commissioner warned that the issue has reached an "endgame" and a deal needs to be made to avoid a "catastrophic" fate.
"There is not much time left to avoid the worst and in the coming days decisions will have to be taken," EU economic commissioner Pierre Moscovici said.
