Greek's Finance Minister told reporters tonight that his country had originally been offered an acceptable deal by the EU Commisssion to cope with the country's current debt problem but it was withdrawn minutes before today's Eurogroup meeting.
ITV News' Europe Editor James Mates tweeted Varoufakis' comments:
FinMin #Greece says EU Commission offered him deal he could accept. But that document withdrawn by Eurogroup minutes before meeting began.
Greek finance minister Yanis Varoufakis has said he believes that "any notion of an ultimatum" over the current Greek bailout agreement will be withdrawn in the coming days.
Speaking after today's failure of Eurogroup leaders to agree what should be done over Greece's current debt crisis Varoufakis indicated his country would not be pressured into agreeing an extension to their bailout.
He said: "We want an honourable settlement."
Greek's finance minister Yanis Varoufakis has said he does not believe the current bailout agreement can be completed as it is "part of the problem, not the solution".
Uncertainty still surrounds what will happen if Greece decide not to request an extension to their current bailout agreement by Friday.
Eurogroup leaders said an extension request would be preferable today but Greek officials said "some people's insistence on the Greek government implementing the bailout is unreasonable and cannot be accepted."
ITV's Europe Editor James Mates tweeted the latest on the situation:
Greece must commit to "accept the budget and budgetary targets" in its bailout programme, Eurogroup President Jeroen Dijsselbloem said this evening.
He said a meeting of Eurogroup leaders today had agreed there was a "strong preference" for Greece to request, and get, an extension of the current bailout programme.
President of the Eurogroup Jeroen Dijsselbloem has said the best way forward for Greece is to seek a bailout extension to give the country time to work its way out of its debt crisis.
Dijsselbloem told a press conference tonight the "next step has to come from the Greek authorities" who must decide if they want to ask for an extension.
ITV News' Europe Editor James Mates says Greece has one week to decide what it wants to do:
Greeks were offered an extension of current arrangements while talks cd take place. Told to take it or leave it. Have this week to decide.
Greece has reportedly rejected draft proposals for an EU bailout offer after branding it as "unacceptable" following eurozone talks today.
A leaked copy of the draft proposals suggests that Eurogroup leaders wanted Greece to agree to extend its current bailout agreement by a further six months.
Germany's Finance Minister Wolfgang Schaeuble has said he was not very optimistic that Greece and its eurozone partners would reach a debt agreement at a meeting in Brussels later today.
Asked if eurozone finance ministers would find a solution for Greece's debt problems, Schaeuble told radio station Deutschlandfunk: "From what I've heard about the technical talks over the weekend, I'm very sceptical, but we will get a report today and then we'll see."
"The problem is that Greece has lived beyond its means for a long time and that nobody wants to give Greece money anymore without guarantees."
Greek Prime Minister Alexis Tsipras has said his country is in need of "fiscal breathing space" tonight, after attending a day of talks with eurozone finance ministers.
Speaking at a news conference today Tsipras described talks with the chairman of eurozone finance ministers, Jeroen Dijsselbloem, as a positive step forward and indicated reaching a technical agreement on Monday in Brussels would also mean a political agreement.
Tsipras, who is currently attending his first European Union summit meeting, also made clear that his goal was to see his country transition to a new financing programme in future, according to Reuters.