The Greek government is in last-minute talks over whether to accept an offer that would let Greece repay part of its debt, local media say.
Greece is hours away from a deadline to repay a €1.6bn (£1.1bn) loan to the International Monetary Fund (IMF) – one it may miss.
The European Commission (EC), said it made a last-minute proposal of reforms on Monday.
If Athens accepts the deal, it will free up cash to repay the €1.6bn.
A European Commission spokesman said the EC’s president, Jean-Claude Juncker, was called by Greek Prime Minister Alexis Tsipras on Monday night.
Mr Juncker then offered Greece the latest deal, with a midnight deadline. That has since expired.
However, Greek media say the government is still in talks over the offer.
The national broadcaster, ERT, said on Tuesday morning that discussions about the proposals were taking place “at the highest level” in Athens.