“None of my colleagues I talked to ahead of the meeting believes anything else can possibly be done now… What Plan B are we talking about? We need to look at the situation as it is. Greece has left the table and we have reached a point when the bailout program could be scrapped already this coming Tuesday, because the negotiations are over,” Schauble said.
A new Eurogroup meeting had been planned for Saturday in the hope that a deal for Greece can be thrashed out before the June 30 deadline.
Greek finance minister Yanis Varoufakis said after the meeting broke down that some finance ministers disagreed with the institutions' suggested changes to the Greek proposals, and added that discussions would continue today and tomorrow until a deal is made.
The IMF said that it expected Greece to make its debt payment, and that talk of a default was "all speculation, because we're expecting the payment to be made on June 30.”
Eurogroup chairman Jeroen Dijsselbloem said the door was still open for Greece to accept the proposals of its creditors.