A summit of eurozone leaders in Brussels ended with no deal being signed in the Greek debt renegotiations to unlock bailout funding for the country.
It's now doing down to the wire as Athens must repay 1.5 billion euro to the IMF on June 30th - non-payment could force Greece out of the euro.
A Greek exit from the single currency could have major effects on international markets.
Our Europe correspondent Jack Parrock reports
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REPORTER VO:
The eurozone leaders met for crunch talks on Greece.
Greek prime Minister Alexis Tsipras looked relaxed.
As did German Chancellor Angela Merkel and the head of the IMF, Christine Lagarde are seen as being the toughest on Greece in the negotiations.
The Greek Prime Minister has put forward plans to increase tax for the wealthiest Greeks.
BITE: Alexis Tsipras - Greek Prime Minister
{IN GREEK}
"For the first time we are going to call on those who have the capacity to take on the financial burden in order to make sure that we get away once and for all from this crisis."
REPORTER VO:
The Greek government had submitted proposals ahead of the meetings which included VAT increases, a retirement age increase to 67 and raising corporation tax from 23 to 29 per cent - those were things Athens did not want to compromise on.
BITE: Christine Lagarde - IMF Chief
"It lacks specificity. It is still short of everything that should be expected so there will be room for negotiating, room for work and hopefully we will be constructive in a very short period of time."
REPORTER VO:
Without a deal soon, observers say Greece will be forced out of the euro.
BITE: Ernst Stetter - Foundation for European Progressive Studies.
"This is more or less than a starting point for more longer process which will start in the European Union that countries can just go out and countries can just do what they want. Or on the other side, if countries are not able to fulfill the conditions and to fulfil the kind of way how the union is functioning, this will be, in my sense,v very bluntly, the start of the end of the European Union."
REPORTER VO:
Eurozone finance ministers will meet in Brussels Wednesday and EU leaders on Thursday when all will be hoping for an agreement.
Defaulting on its debts to the IMF at the end of June could force Greece out of the single currency euro and the could even lead to them leavng the European Union as well.
Jack Parrock, Brussels
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