Prime Minister Joseph Muscat said this evening that he was heading to the emergency Eurozone summit on Greece with a sense of disappointment after the newly-appointed Greek finance minister failed to present proposals for a new bailout.

“We expected to hear the Greek proposals today but they told us that they will present them tomorrow instead. We are starting on the wrong foot,” Dr Muscat told journalists. “One would have expected the Greeks to come forward with some sort of proposal, reflecting the urgency of the situation, and I believe that the fact that we do not have these proposals reflects badly. Obviously we will see what the Greek Prime Minister will have to say later on today.”

Asked if this was all just a waste of time, Dr Muscat said: "I hope not, but it is looking that way.”

Earlier, Italian Prime Minister said a technical solution can be found for Greece with goodwill but insisted he is more concerned about the general direction of the EU and its economy, insisting that it has to focus much more on innovation and research. He also said it is up to the Greeks to decide whether they want to be in or out of the euro.