The Finance Minister Michael Noonan says there is little hope of a deal on Monday to avert a catastrophic Greek default.
Both the finance ministers and prime ministers of the 19 Eurozone countries are meeting to try and strike a deal that would release more loans to Greek so it can pay off other debts.
The meeting comes after Athens tabled its latest proposals to unlock over seven billion euros in EU loans, which it needs in order to make a schedule repayment with the IMF next week.
A deal is not expected from the meeting, though the talks could pave the way for a deal by the end of the week.
European Council president Donald Tusk says Greece is now prepared to step up to the plate and make real proposals:
However the meetings have already been thrown into chaos, after the Greek government said it had sent other countries the wrong version of its proposals.
Arriving in Brussels, Mr Noonan says there has been such confusion over the Greek proposals that a deal today is unlikely.
The Taoiseach Enda Kenny will attend the emergency summit later in an attempt to secure a bailout deal for Greece.
A €1.6bn payment is due to the International Monetary Fund (IMF) in eight days - but without a deal being agreed, the country will be unable to pay its debts.
Greek Prime Minister Alexis Tspiras last night outlined his proposals to a number of key European decision makers.
While speaking ahead of the talks - alongside European Commission President Jean-Claude Juncker - Mr Tspiras said it is time for a "substantial and viable solution".
Panagiotis Petrakis is a professor of economics at the University of Athens.
He told Newstalk Breakfast what is new in this proposed deal.
The EU Economic Affairs Commissioner Pierre Moscovici said "an absolutely decisive moment" was looming.
But he told French radio he believed a deal could be reached to avoid a Greek default.
Meanwhile, European stock markets have surged amid hope of an agreement being reached, with the Athens exchange soaring 7.1%.
It has been reported that the country's prime minister Alexis Tsipras may have offered to make concessions on the retirement age and VAT, which had been demanded by the creditors.
Mr Moscovici said the latest proposals submitted by Greece "go in the right direction, they can allow a base for an agreement; in other words, there is still a lot to discuss".
But he added: "I think the Greek government has finally understood that it had to send concrete and solid counter-proposals."
France's Finance Minister Michel Sapin has also welcomed the Greek proposals, and said "quality work" had gone into them.
The Greek finance minister Yanis Varoufakis has said the two sides were "heading towards a deal," but refused to confirm any details.
The technical data will be analysed by Eurozone finance ministers today, who will then give their views to a meeting of eurozone leaders, including Germany's Angela Merkel.
However, even if the European Commission, the European Central Bank and IMF agree the new package, Mr Tsipras would still have to sell any concessions to his own party and an austerity-weary electorate.
Some on the left of the Syriza coalition have indicated they would vote against any package which increased the hardship of the Greek people.
That could trigger fresh elections and further uncertainty, five years after the debt crisis began.
