He explained the details during a phone call this afternoon with German Chancellor Angela Merkel, French President Francois Hollande and EU Commission President Jean-Claude Juncker.

Sunday’s call comes just hours before an emergency summit of euro zone leaders on Monday to try to avert a Greek default.

Talks between the nations reached a stalemate when Greece refused to impose more cuts and taxes in return for a third bailout.

Greece is deadlocked with its EU partners and the IMF, who want it to impose more cuts and taxes in return for a third bailout.

Greek government officials say a reform package including new taxes and a levy on companies are among the measures being discussed by the cabinet.

Speaking to The Sunday Show here on Newstalk earlier today, economist Dan O'Brien said he is not optimistic about the chances of Greece remaining within the eurozone - but it is not certain if that will happen just yet:

Greece must find €1.6bn to repay the International Monetary Fund within the next fortnight, or risk a default which could force it out of the eurozone.

International creditors are refusing to provide the next tranche of a bailout package, worth €7.2bn, until Greece agrees to make further economic reforms, such as making changes to pensions and VAT rates.

Protests took place in Athens earlier this week, calling on the Syriza-led government to reject more austerity measures.

The Greek Finance Minister has called on Ireland to support his country's position in last ditch talks to prevent his country's exit from the Euro.

Writing in yesterday's Irish Times, Yanis Varoufakis asks if the eurozone would be a better place if Greece was - as he put it - "thrown to the wolves".

European Council President Donald Tusk says it is up to Greece to decide whether it wants to leave the single currency, or take what he says is a 'good offer' of financial support.

The European Central Bank has agreed to increase emergency credit for Greece's banks.

Meanwhile, Russia says it is ready to consider providing financial support to the country if EU talks fail.