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Greek Prime Minister Alexis Tsipras was expected to meet with Angela Merkel in Brussels Wednesday after the EU's top official for the euro said a breakthrough bailout deal was "days" away, AFP reports.

The mooted meeting with the German chancellor comes with cash-strapped Greece having submitted new proposals to end a standoff with the EU and IMF, which have demanded tough reforms in exchange for giving Athens the final 7.2 billion euros ($8.1 billion) of its bailout funds.

The international rescue package expires at the end of the month, and Athens desperately needs the cash to avoid a default and a possible messy exit from Europe's 19-country single currency area.

Tsipras's meeting with Merkel, along with potential talks with French President Francois Hollande, was due to take place on the sidelines of an EU-Latin America summit.

It was to occur a day after Valdis Dombrovskis, the EU's vice president for the euro, told reporters that reaching an agreement "within [the] coming days is possible."

But he urged the Greeks to show "less tactical maneuvering and more work on substance" to seal a deal.