Talks aimed at renegotiating Greece's debt to the European Union have broken down without an agreement.
Greek officials have apparently rejected a draft proposal put forward by European finance ministers at a meeting in Brussels.
An unnamed Greek official told Reuters the proposed deal talked of extending the current bailout and was "unreasonable".
European foreign ministers leaving the talks are reported to have said it was now up to Greece and its prime minister and ministers to request an extension to the deal.
The country’s anti-austerity Syriza government recently swept to power on a promise to scrap the bailout as it stands.
The Greek finance minister Yanis Varoufakis says there is no doubt there will be an agreement, but added that the bailout programme will not work in his country:
Mr Varoufakis said that his country would not implement recessionary measures such as pension cuts and VAT hikes.
With Greece running out of money, Maltese finance minister Edward Scicluna said the country faces "disaster" unless it extends the bailout, which is due to end on 28 February.
"Greece has to adjust, to realise the seriousness of the situation," he said. "It all depends on the realisation by Greece of the real seriousness of the situation because time is running out."
The eurozone's top official, Jeroen Dijsselbloem, said a "positive outcome" was still possible if Greece asked for a bailout extension by the end of the week.
The newly-elected Syriza party does not want an extension - saying the terms of the bailout are crippling the Greek economy.
Yesterday, around 15,000 people took part in a mass rally outside the Greek parliament in Athens against austerity measures imposed on the country.
The new prime minister of Greece has said he is hopeful a debt deal can be agreed to keep the country in the Euro.
Earlier, Irish Finance Minister Michael Noonan said he was not too optimistic of a breakthrough on the Greek debt impasse.
Yanis Varoufakis also wrote a column for today's New York Times.
He says that Syriza needs to convince the eurozone that a new deal for Greece is in the interest of all of the EU.
"As finance minister of a small, fiscally stressed nation lacking its own central bank and seen by many of our partners as a problem debtor, I am convinced that we have one option only: to shun any temptation to treat this pivotal moment as an experiment in strategising and, instead, to present honestly the facts concerning Greece’s social economy, table our proposals for regrowing Greece, explain why these are in Europe’s interest, and reveal the red lines beyond which logic and duty prevent us from going," he wrote.
Originally posted at 18.33
