EU leaders: Greece's final deadline is this week

Everett Rosenfeld
Christopher Furlong | Getty Images. Political uncertainty across Europe could push the European Central Bank (ECB) to start buying Greek debt, according to an economist.

Euro area heads of government met in Brussels on Tuesday to discuss the situation following the referendum in Greece .

Greece didn't have a written proposal in time for the morning's finance minister meeting-as many had expected-but Prime Minister Alexis Tsipras indicated his government had submitted its offer by the end of the day, and that negotiations would begin quickly.

Following the heads of state meeting, European leaders drew a line in the sand: Greece has to come up with a proposal they consider workable in the next few days, and everyone needs to be on board with it by Sunday, or the EU and the euro zone will have to start looking at the (still unspoken) Plan B.

We'll keep you up to date with all of the developments.

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