Greek debt talks have come to an end without a deal.
This is prompting warnings from Eurozone leaders that the country faces a potential 'disaster.'
Greece has rejected a draft proposal put forward by European finance ministers at a meeting in Brussels.
The Greek side is refusing to implement pension cuts and VAT hikes, which are part of Greece's original bailout agreement.
Eurozone chair Jeroen Dijsselbloem is calling for the Greek government to extend negotiations for a week.
"The main reason for that is that given the ongoing discussions about how a programme should work and a future arrangement for Greece should look like we simply need more time, and the best way for that is to, at this point, extend the current programme which would then allow us a number of time, a number of months to work on future arrangements."
At the same time, International Monetary Fund chief Christine Lagarde is warning the IMF may cut off its funding to Greece unless talks resume.
"If an extension is sought by the Greek authorities from the Eurogroup, and addressed with a commitment to continue to consider the current programme, then we continue to work together and we will address the review process in due course and establish whether or not some, a large party, all the commitments that were made, have actually been implemented and realised. If that was not the case, and of course the review doesn't happen in two days, it's going to take place over the course of several weeks, if not months. If the conclusion is that it is not the case then disbursement, at least from our perspective, IMF, cannot occur."
Despite the impasse, Greek Finance Minister Yanis Varoufakis says Greece is prepared to reach an "honorable agreement."
In making the statement, he also says Greece will remain in the Eurozone.
