[WATCH] Tsipras wants 'honest compromise' • Muscat: 'First preference against Grexit'

After months of negotiations, agreements and disagreements, today might be D-day for Greece as a meeting of the European Union leaders can effectively determine Greece’s future within the Eurozone.

As Greece awaits a reply to its request for a third bailout, it appears that finance ministers of the euro area failed to reach an agreement in the afternoon, passing the ball into the leaders’ court.

Eurogroup president Jeroan Dijsselbloem told reporters: “We have come a long way and solved a lot of issues but some big issues still remain.” – issues which will now be explained to the leaders.

Raising hopes of a possible deal, the Greek leader welcomed reporters with a brief comment: “I’m here for an honest compromise … we can reach an agreement tonight if all parties want it.”

But while Tsipras may be hoping for an agreement, increasingly more leaders are sceptical of the Greece’s promises. While Italy and France are among those standing behind it, Greece may have to go a long way to achieve Germany and Finland’s nod of approval.

At the roundtable, the German Chancellor was seen shaking hands with Tsipras and turning away from him before French President Francois Hollande appeared to stop her and hold her by the arm, seemingly to encourage talks between the two.

Malta’s Prime Minister Joseph Muscat said that the first preference was that Greece remains in the Eurozone, “but not at any cost”.

“I hope we reach an agreement, but we cannot reach it at any cost,” he said, adding that there was no unanimous position among the Council.

Asked whether there were sufficient conditions to kickstart fresh negotiations, Muscat said that was something that would be discussed this afternoon.

“I believe that the decision that can come out is whether any negotiations can start, keeping in mind that there are some limitation by at least two member states that would need some sort of parliament mandate to start some negotiations at ESM level,” he said.

Muscat said that the fact that the summit was convened augured well as leaders were initially told that a meeting would be held if no agreement was reached and ‘Plan B’ would thus be discussed.

The Prime Minister said any decision taken should be based on an assessment of the institutions: “Greece should be kept in euro zone but not at any cost. There is a limit to everything and what was sufficient 10 days ago might not be enough today. The situation in Greece has deteriorated in a very rapid manner.”

Finnish Prime Minister Juha Petri Sipilä, whose coalition is reportedly at risk if a third bailout is approved, did not give any comments while German Chancellor Angela Merkel has confirmed that the leaders had not yet received "a unanimous recommendation from Eurogroup to start negotiations" with Greece.

Italian Prime Minister Matteo Renzi is also set to stand up to German Chancellor Angela Merkel and warn her that “enough is enough”.

Renzi, in comments to Italian newspaper Il Messagero, insisted that common sense should prevail in helping out Greece with its financial crisis after a leaked memo revealed Germany was looking at a possible five-year ‘timeout’ for Greece out of the euro area.

“Now common sense must prevail and an agreement must be reached. Italy does not want Greece to exit the euro and to Germany I say: enough is enough,” Renzi said.

“Now that Tsipras has made proposals in line with the European demands, we must absolutely sign a deal. Humiliating a European partner after Greece has given up on just about everything is unthinkable.”

EU officials have told reporters in Brussels that ‘Plan B’ – a Grexit – was not on the agenda for tonight’s meeting of the euro area leaders. However, it is also being rumoured that the Eurogroup will present the heads of states with a report, throwing the ball in the leaders’ court.

On Plan B – pushed by Germany – EU officials said that “the proposal was part of one scenario should Greece fail to meet the conditions put forward by the Euro group and would only be conceivable as an action undertaken with the cooperation of the Greek authorities to prevent a catastrophic fallout”.

AFP meanwhile reports that Russia is considering sending direct deliveries of fuel to Greece to help prop up its economy, Energy Minister Alexander Novak said Sunday, quoted by Russian news agencies.

"Russia intends to support the revival of Greece's economy by broadening cooperation in the energy sector. Accordingly we are studying the possibility of organising direct deliveries of energy resources to Greece, starting shortly," Novak told journalists, quoted by RIA Novosti news agency.