Update 2 - Only Days Remain To Reach Greece Solution: Merkel

German Chancellor Angela Merkel warned on Tuesday that only a few days remained to reach a solution that would keep Greece in the euro.



"Greece must make a new effort, as there are only a few days left, but we look forward to hearing what the Greek prime minister has to say," Merkel said as she entered the Eurogroup summit of leaders in Brussels.



She said that a solution to the Greek bailout crisis was still possible, but much work needed to be done.



Dutch Prime Minister Mark Rutte said Tuesday that the Greek proposals for a new bailout were the same as the old ones.



Speaking as he entered the summit meeting of European leaders in Brussels, Rutte said: "Time is running out, but the Greek government is not offering anything new. It seems that the negotiations are being led from Athens, not from Brussels".



He warned that unless the Greek government came up with something new, there was a real chance of a "Grexit" [Greek Exit].



"I do not like to use hard words, but we cannot exclude a 'Grexit' if there is no progress," he said.



Italian Prime Minister Matteo Renzi said on Tuesday that a technical solution for Greece could be found, but that it was secondary.



"It's not about Greece, it's about innovation, research, and investment, and that is where the future of Europe lies," Renzi said, entering the Euro Summit for EU leaders in Brussels.



"Greece must stay in the euro, so Greece must obey the rules, just like all the other countries in Europe," Renzi added.



Meanwhile, the new Greek Finance Minister, Euclid Tsakalotos, has reportedly arrived at the Eurogroup meeting empty-handed, with no concrete proposals prepared, Greek media reported on Tuesday.



A photograph that went viral on social media Tuesday showed Tsakalotos with notes scribbled on just a single page of a hotel notepad about the crucial meeting.



The Eurogroup meeting on Tuesday is a key chance for Greece to make its case to its creditors, but now the real work is expected to be delayed until Wednesday.



Before the meeting, a number of Eurogroup finance ministers said that this was to be a crucial date for Greece, as the country will shortly run out of money if a bailout deal is not concluded.



Even German Finance Minister Wolfgang Schauble had expressed a willingness to hear new Greek offers in comments to the press before the meeting. Schauble has been a severe critic of the Greek government's position in the bailout talks.



While EU Economy Commissioner Pierre Moscovici had said that a "Grexit" must be avoided at all costs, he made that statement conditional on hearing new compromise offers from the Greek government.



It was also announced that Greek Prime Minister Alexis Tsipras will address the European Parliament on Wednesday. - Ankara