By Jonathan Davies
Eurozone finance ministers are meeting as negotiations over the Greece debt deal near crisis point.
Greek Prime Minister Alexis Tsipras met with the country's European creditors today (Thursday) in hope of securing a deal to avoid defaulting on the country's debt. But the talks ended without an agreement.
Ahead of the Eurogroup meeting, Germany's finance minister Wolfgang Schaeuble said the differences between the two sides was growing.
He said: "The decisions lie exclusively with the Greek authorities.
"They have, however, rather gone backwards."
Yesterday started with real optimism that a deal could be agreed, but Mr Tsipras said the IMF did not accept his latest proposals.
Greece must secure a deal to make a €1.6 billion repayment to the IMF on Tuesday. If it fails to do so, it would default on its debt and cause huge repercussions for the eurozone, EU and global economies.
But Greece's creditors will only release the final €7.2bn tranche of its €240bn bailout once a deal on economic reforms is agreed.
Eurozone finance ministers are hoping to agree a deal ahead of an EU leaders summit.
"Unfortunately we have not reached an agreement yet, but we are determined to continue work," Eurogroup chairman Jeroen Dijsselbloem said after negotiations stalled yesterday.
Alexis Tsipras even accused the IMF of 'not wanting a deal' or 'protecting their own interests' as they rejected the latest reform proposals.