European leaders gave debt stricken Athens a final deadline of Sunday to reach a new bailout deal and avoid crashing out of the euro, after Greek voters rejected international creditors plans in a weekend referendum. Greek leaders must submit detailed reform plans by Thursday to win the fresh bailout funds the country needs to stop it’s banking system from collapsing, EU President Donald Tusk said after an emergency summit of Greek and eurozone leaders. All 28 European Union leaders will examine the plans on Sunday in a make or break summit that will either save Greece’s moribund economy, or leave it to crash out of the single currency- a so-called “Grexit.” “Tonight I have to say loud and clear- the final deadline ends this week,” Tusk told a news conference. “Inability to find an agreement may lead to bankruptcy of Greece and insolvency of its banking system,” he added. European Commission chief Jean-Claude Juncker warned “We have a ‘Grexit’ scenario prepared in detail” if no deal was reached, although he insisted he wanted Athens to stay in the single currency. Speaking after Tuesday’s emergency summit, Greek Prime Minister Alexis Tsipras said the government “continues its efforts with the people’s mandate as a weapon, and it’s desire for a viable agreement that brings an end to this story and guarantees an exit from the crisis.” Tuesday’s summit was the first time Tsipras and his new Finance Minister Euclid Tsakalotos have met with leaders in Brussels to discuss the fallout from the dramatic referendum.