16:40 17 February 2015
Greece has rejected a draft proposal put forward by European finance ministers following the breakdown of crisis talks. However, the country remains optimistic that it will secure a Eurozone compromise. Dutch finance minister Jeroen Dijsselbloem said that Athens has until Friday to request for an extension.
Although open to negotiations, Greece's finance minister Yanis Varoufakis said that he will not implement recessionary measures such as pension cuts and VAT hikes.
However, Maltese finance minister Edward Scicluna, said that the country faces disaster unless it extends the bailout.
"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 general feeling in the Eurogroup is still that the best way forward would be for the Greek authorities to seek an extension of the programme."
Some commentators believe that should Greece fail to reach an agreement, the country will not have any other option but to leave the euro.