TOKYO (AFP) - The euro was slightly down against the dollar in Asian trade on Monday after eurozone leaders set Greece a brutal ultimatum for a desperately needed bailout deal as an exit from the single currency loomed ever larger.

The euro stood at $1.1130 shortly after 6am (Singapore time) in Tokyo, down from $1.1149 in New York late Friday.

In earlier electronic trading before markets opened, the euro fell as low as $1.1089.

At a summit on Sunday, hawkish Germany pushed for a Greek "time out" from the euro if leftist Prime Minister Alexis Tsipras fails to agree terms for a three-year rescue plan worth up to 86 billion euros (S$129.7 billion).

Athens faces demands to push through new reform laws next week to win a third bailout since 2010, with the government in a tight corner as the cash-starved country's banks look set to run dry in days.

Tsipras, who was elected on an anti-austerity platform in January, insisted on Sunday a deal was possible "if all parties want it", and added that he was ready for an "honest compromise".