The Greek government has requested a new bailout deal from the eurozone, just hours before it must repay €1.6bn (£1.1bn) to the International Monetary Fund (IMF).
Greece is asking for a new two-year €29.1bn aid deal from a bailout mechanism for eurozone countries.
Eurozone finance ministers will discuss the Greek offer in a teleconference on Tuesday evening.
If it fails to make the IMF payment, Greece could risk leaving the euro.
The European Commission, which is one of Greece's creditors, wants Athens to raise taxes and cut welfare spending.
No advanced economy has ever missed a payment on an IMF loan.
Amid fears of a Greek default on its huge public debt of €323bn - and a possible exit from the euro - long queues of people are continuing to snake from many cash machines in Greece, where withdrawals are capped at just €60 a day.
Analysis: By Chris Morris, BBC News, Brussels
Nothing if not dramatic, the Greek government has waited until well past the eleventh hour to request an entirely new third bailout.
It involves borrowing money from the eurozone's permanent bailout fund, the European Stability Mechanism - there is no mention of the IMF. Greece is asking for loans totalling €29.1bn to cover its debt repayments until the end of 2017.
But reaching an agreement on a third bailout could take weeks if not months.
So the letter the Greek government has sent to the ESM and the eurogroup also asks again for an extension to the current bailout - in order to ensure that a technical default is not triggered.
The trouble is that the level of political distrust between Greece and its creditors is so high at the moment that any progress will be difficult to achieve.
Loans from the ESM come with conditions attached - conditions which would include many of the economic and structural reforms that the two sides have been haggling over for months.
But the alternative to yet more talks on finding a deal? A massive step into the unknown for all concerned.
Greek banks did not open this week after talks between Greece and its creditors broke down.
However, up to 1,000 bank branches will re-open from Wednesday to allow pensioners - many of whom do not use bank cards - to withdraw up to €120.
The European Commission offered a slightly amended deal to Greece late on Monday night, which the Greek government did not accept.
Instead, Greece responded with a request for a two-year deal under the European Stability Mechanism (ESM), the bailout mechanism for eurozone countries whose aim is to maintain the stability of the euro.
The ESM did not exist when Greece was bailed out in 2010 and 2012.
Eurozone finance ministers will discuss the offer in a teleconference at 17:00 GMT, Dutch Finance Minister Jeroen Dijsselbloem announced.
However, German Chancellor Angela Merkel has insisted that the eurozone's wealthiest member will not enter into new aid negotiations with Greece before its weekend referendum.
"Before a referendum, as planned, is carried out, we won't negotiate on anything new at all," she said.
A referendum is due to take place in Greece on Sunday over whether the country should accept its creditors' proposals.
EU leaders have warned that a rejection would mean Greece leaving the eurozone - though Mr Tsipras says he does not want this to happen.
The EC says that if funds were to be released, Mr Tsipras and his party must back the "yes" vote in the referendum.
What will happen next?
01:00 Greek time Wednesday (22:00 GMT): Greece's €1.6bn repayment to the IMF is due.
5 July - the referendum on creditors' proposals, and many say Greece's membership of the eurozone, takes place
20 July - Greece must redeem €3.46bn of bonds held by the European Central Bank. If it fails to do so, the ECB can cut off Greece's access to emergency loans.
On Monday Mr Tsipras appealed to Greeks to reject the creditors' proposals, saying this would give Greece "more powerful weapons" in negotiations.
He also hinted that he would resign if the result of the referendum was a "yes" vote.
"If the Greek people want to proceed with austerity plans in perpetuity, which will leave us unable to lift our head... we will respect it, but we will not be the ones to carry it out," he said.
Meanwhile, European Commission President Jean-Claude Juncker said he felt betrayed by the Tsipras-led government and called on Greek voters to oppose him.
The ECB is believed to have disbursed virtually all of its emergency funds for Greece, amounting to €89bn (£63bn).
Days of turmoil
- Friday evening: Greek prime minister calls referendum on terms of new bailout deal, asks for extension of existing bailout
- Saturday afternoon: Eurozone finance ministers refuse to extend existing bailout beyond Tuesday
- Saturday evening: Greek parliament backs referendum for 5 July
- Sunday afternoon: ECB says it is not increasing emergency assistance to Greece
- Sunday evening: Greek government says banks to be closed for the week and cash withdrawals restricted to €60
Is Grexit nearer?
Katya Adler: A European divide
Existential threat to euro from Greek exit
A guide to the key numbers and issues
Lenders' proposals - key sticking points
- VAT (sales tax): A new system to come in from 1 July, with three rates, aimed at boosting annual revenue by 1% of total output (GDP)
- Most goods to be taxed at top rate of 23%, including restaurants and catering and processed foods
- Reduced rate of 13% for basic food, electricity, hotels and water
- Super-reduced rate of 6% for medicines, books and theatre
- End exemptions and eliminate VAT discounts for Greek islands
- Create strong disincentives to early retirement
- Move retirement age up to 67 by 2022
- End Ekas "solidarity" top-up grant that some 200,000 poorer pensioners get - immediate Ekas cut for wealthiest 20% of recipients, and cut completely by 2020
- Pensioners' healthcare contributions to rise to 6%, from 4%
Source: European Commission document, 26 Jun 15 (pdf)
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