The word "No" in Greek is seen on a banner as anti-austerity protesters gather in front of the Parliament building in Athens, Greece, July 12, 2015. Euro zone leaders told near-bankrupt Greece at an emergency summit on Sunday that it must restore trust by enacting key reforms before they will open talks on a new financial rescue to keep it in the European currency area. Reuters/Yannis Behrakis

A temporary Greek exit from the eurozone reportedly was very much in play at meetings Sunday in Brussels. According to multiple media reports, a four-page proposal outlining a possible Greek "time-out" has been proposed and is now circulating at the meeting of European Union heads of state. The session was cobbled together after a meeting of eurozone finance ministers earlier in the day failed to yield a desired solution. The group notably included Greek Prime Minister Alexis Tsipras as well as German Prime Minister Angela Merkel and French President Francois Hollande.

The group is hoping to patch together a plan to restart bailout negotiations with Greece, which has shuttered its banks and is on the brink of collapse. Finnish finance chief Alex Stubb said Greece has just 72 hours to agree to the demands of its creditors, the Guardian reported Sunday afternoon.

As he left the eurogroup meeting, Stubb reportedly said eurogroup ministers were demanding far-reaching conditionality, on three counts.

No. 1, it needs to implement laws by July 15. No. 2, tough conditions on for instance labor reforms and pensions and VAT [value-added tax] and taxes.

And then No. 3, quite tough measures also on for instance privatization and privatization funds.

Stubb added the entire package must be approved by both the Greek government and the Greek Parliament.

A meeting of the leaders of all 28 EU members states, which was scheduled for Sunday afternoon to deal with the fallout of a "Grexit," was canceled by European Council President Donald Tusk to give eurozone leaders a last chance to strike a deal

Tusk made the announcement on Twitter Sunday, saying: "I have canceled EUCO [the European Union summit] today," adding a summit of 19 eurozone leaders will be held at 4 p.m., Brussels time, (10 a.m. EDT) and "last until we conclude talks on Greece."

At negotiations Saturday, Germany's finance ministry introduced a paper demanding more extensive economic reforms from Greece, offering as an alternative a five-year "time-out" for Greece from the eurozone. The paper was reportedly discussed during the eurogroup meeting Sunday.

Politico Europe reporter Tara Palmeri posted on Twitter a list of 12 conditions Greece would have to meet to receive a third bailout.

The eurogroup finance ministers had earlier indicated the bailout proposal submitted Thursday would not be discussed until Greece showed it was willing to make changes to its pension system and value-added tax rates, while strengthening the independence of its statistics office, according to a draft statement cited by Reuters.