Greek parliament (file)
Greek parliament (file) Reuters

Discussions on a bailout bid for Greece kept eurozone leaders up all night Sunday in Brussels and on into Monday morning, as the prospect of a "Grexit" - Greek exit - from the Euro looms if an economic reform deal cannot be reached.

A draft compromise has been submitted to the emergency summit according to reports cited by BBC, but specific details of the proposal remain unclear.

Eurozone leaders have requested that Greece pass a series of economic reforms no later than Wednesday as a condition to restarting bailout talks, indicating the concerns about granting Greece what will be its third economic bailout.

After Greece submitted a bailout proposal last Thursday night two hours before the midnight deadline, it was examined by eurozone finance ministers who submitted a list of reform measures to amend the proposal.

However, Greece apparently hasn't taken kindly to the measures, with one Greek government official calling them "very bad," and another saying they seemed designed to "humiliate" Greek Prime Minister Alexis Tsipras and his far-left Syriza party's government.

For one, the measures would require that Greece let international creditors fully monitor the government's activities and inspect its draft laws before they are voted on, which is a level of oversight that Syriza specifically promised to fight.

Likewise they would grant the EU the power to "amend or compensate" any laws by Tsipras's government that are against an agreement signed with the eurozone in February, possibly overturning the reinstatement of 4,000 Greek civil servants.

The proposals would also allow for talks on "swift negotiations on a time-out from the euro area, with possible debt restructuring," if a bailout deal is not secured.

However, a senior EU official said a Greek "time-out" from the EU would likely not be approved by eurozone leaders.

French President Francois Hollande likewise said on Sunday ahead of talks with Tsipras, German Chancellor Angela Merkel and European Council President Donald Tusk that "there is no temporary Grexit, there is a Grexit or there is not a Grexit."