Updated | Greece's 'lack of discipline' can impede recovery - Scicluna

Some €12 billion will be needed to get Greece back on its feet, according to finance minister Edward Scicluna.

In comments to the Illum newspaper, Scicluna, currently in Brussels to attend the summit, said that while the EU was proposing €7 billion in aid of the Greek economy, it would require a further €5 billion to truly recover. 

Scicluna remarked how other countries, such as Ireland and Portugal, got back on their feet thanks to EU bailouts but feared Greece's 'lack of discipline' would impede its recovery. "Other countries are prepared to cut services, payments and even government jobs but Greece is not ready to accept these measures so readily," he said. 

Scicluna said that Greece's situation continues to deteriorate, despite the aid already given to it, including some €127 million from Malta, with a 37% reduction in wages and a significant reduction in the GDP.

European leaders are set to meet in Brussels for an emergency summit on Greece's debt crisis, as a new Greek proposal offered a ray of hope that a deal to end the deadlock can be struck.

It is not clear what concessions have been offered by either side, but Greek Prime Minister Alexis Tsipras detailed what his office called a "mutually beneficial deal" in a phone call with German Chancellor Angela Merkel, French President Francois Hollande and European Commission President Jean-Claude Juncker.

Juncker's cabinet head Martin Selmayr said the Athens proposal offered "a good basis for progress", though he described the negotiations as a "forceps delivery", underscoring the exertions to prevent Greece crashing out of the eurozone.

The heads of the 19 eurozone countries will hold the summit on the crisis in Brussels latertoday under pressure to prevent Greece from defaulting on its debt, with a June 30 payment deadline approaching.

The ECB will also hold a separate meeting on Monday to decide whether to raise the level of emergency funding for Greek banks, after it approved an emergency loan on Friday.

Greece said its new proposals were aimed at reaching a "definitive solution" to end the standoff between Athens and its creditors.

Athens announced a frenzied round of meetings before the summit, with Tsipras also scheduled to meet the leaders of its International Monetary Fund, European Union and European Central Bank creditors on Monday.

Separately, the ECB's governing council will also meet on Monday to discuss whether to raise the level of emergency funding to Greek banks yet again, after the country's banking system came under intense pressure with clients withdrawing massive sums in savings.

Failing a deal, Greece is likely to default on an IMF debt payment of around 1.5 billion euros ($1.7bn) due on June 30, setting up a potentially chaotic "Grexit" from the eurozone.

Italian Prime Minister Matteo Renzi urged the two sides to seize a "window of opportunity", saying all conditions were in place for them to reach a "win-win accord".

Underlining the growing concern beyond Greece, several thousand demonstrators gathered in Brussels on Sunday and several hundred in Amsterdam to plead for solidarity with the cash-strapped country.

In Athens itself, more than 7,000 people took to the streets for the second time this week to protest austerity with banners reading: "A different Europe with Tsipras" and "You can't blackmail the people, the country is not for sale."

The head of Greece's biggest bank said she thought "sanity will prevail" and lead both sides to a deal.