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Several sources said there was consensus among the other 18 ministers around the table during the “exceptionally difficult” talks that the leftist government in Athens must take further steps to convince them it would honor any new debts.

The eurozone turned the screw after finance ministers finished two days of intense talks on Greece’s reform proposals drawn up to satisfy its global creditors – the EU, the European Central Bank and the global Monetary Fund.

Greek lawmakers have approved a government motion seeking authorization for reform proposals as a basis for negotiations for a third bailout in talks with global creditors this weekend.

However, the message that followed yesterday’s meeting of European officials was simple and uncompromising: July 12 will decide Greece’s fate.

During a late-night debate in Athens, Mr Tsipras acknowledged that the measures were a long way from the anti-austerity platform his party was elected on.

“Whenever you see any kind of bank line, there is in the back of investors” mind the thought: “What if it spreads?” This may apply to us as individuals, but not to countries. First, the Greeks can never repay all their debts, not even in the rosiest...

The Greek leader declared that he was not seeking a “rupture” with Europe but rather a “socially just and economically viable agreement without the mistakes of the past, that caused a recessionary spiral”.

Pavlopoulos was to make his first visit to Germany since being elected president on Tuesday, meeting President Joachim Gauck in Berlin.

At 9:42 a.m. ET (1342 GMT) the Dow Jones industrial average was down 156.73 points, or 0.88 percent, at 17,620.18. Both HarperCollins and The Wall Street Journal are owned by News Corp. Greek Prime Minister Alexis Tsipras has until midnight to propose spending-cut plans.

In case of both India and China, International Monetary Fund has retained the projection made earlier in April, while it has lowered global growth forecast from 3.5 per cent to 3.3 per cent for 2015.

Although Athens insists the referendum is narrowly on tough austerity conditions attached to a bailout that expired on Tuesday, European Union leaders say it is a vote on whether Greece wants to remain in the euro. The televised address added to the frantic and at times surreal...

Failure on Sunday – almost certainly – would lead to the European Central Bank turning off support and Greece would be on its own. Firstly, it has to deliver detailed reform plans by Thursday. But he said that a deal could not come at any price, noting that Greece had...

“The stark reality is that we have only five days left to find the ultimate agreement”.

A government official said Greece’s delegation had expected talks in Brussels on Wednesday to focus on Greek proposals that “the institutions had accepted as a basis for discussion on Monday”.

“It’s clear that talks are likely to include some extent of debt recast or write-downs to provide relief to Greek public finances”.