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Former Greek Finance Minister Yanis Varoufakis said Wednesday the latest Greek bailout deal “is not going to work”.

Prime Minister Alexis Tsipras has said he expects the bill to pass.

Greece has more or less concluded its bailout discussions with global creditors, officials have said, raising hopes the country could be ready to finalise a deal within the day.

“I think we are very close”, Greek Finance Minister Euclid Tsakalotos said as he emerged Tuesday morning from all-night talks with negotiators representing Greece’s creditors at a central Athens…

Greece is seeking to conclude talks with its creditors to secure up to 86 billion euros of three-year loans needed to keep the country in the euro.

“Thus, while labor market conditions have improved substantially, they are, in the FOMC’s judgment, not yet consistent with maximum employment”, she said.

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

What will allow us to know if it stays or if it leaves, is the quality of negotiations that will follow.

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.

Wolfgang Schaeuble, finance minister of its biggest creditor Germany and a veteran stickler for the EU’s fiscal rules, said negotiations would be “exceptionally difficult”.

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”.

It is urgent to have these proposals so we can find a way out of this situation, ‘ said the German chancellor, Angela Merkel, after talks with her counterpart, the French president, François Hollande.

The admission by hardline German Finance Minister Wolfgang Schaeuble came hours before the midnight deadline for Athens to submit its reform plan.

They are now due to remain closed through Monday, at which time he said a new order would be issued expanding what transactions can be carried out. With a deadline just hours away to come up…

Greek Prime Minister Alexis Tsipras was expected to deliver new proposals, but European officials, including Malta Prime Minister Joseph Muscat, have confirmed that Greece failed to present any new proposals.