Speaking in in the European Parliament, Greek Prime Minister Alexis Tsipras promised on Wednesday that Athens will provide credible reform proposals on Thursday.

An emergency summit of all 28 European Union members is scheduled to take place on Sunday.

Tsipras noted that Greece wants to reach a deal with its creditors but not at any price, accusing its lenders for transforming the country "into a laboratory for testing austerity over the past years".

"The money that was given to Greece never went to the people. The money was given to save Greek and European banks," the Greek prime minister said.