Greece was unable to reach a deal with the European Union to stay in an EU bailout program on Wednesday, Eurogroup President Jeroen Dijsselbloem said, noting talks will continue on Monday.
"We discussed the possibility of an extension. For some that is clear that is preferred option but we haven't come to that conclusion as yet. We will need a little more time," he told reporters in Brussels.
Greek Finance Minister Yanis Varoufakis, who was expected to announce an overhaul of the country's current bailout program, played down the outcome. Talks were "very good", he told reporters, adding that a "healing deal" on Greece's finances could be reached on Monday, according to Reuters.
Varoufakis was expected to propose new reforms—to make up for the ones that the new Greek government wants to scrap—and to ask for a "bridge program" to cover the government's funding needs until a new debt pact is reached.
Since Syriza, a left-wing party, took control of the government last month, Greece has battled to dismantle the austerity measures and structural reforms on which its 240 billion euro ($272 billion) international bailout is conditional. Greece is at loggerheads with European politicians such as German Finance Minister Wolfgang Schaeuble, who say that Greece must stick to the previously agreed terms.
"At some point, people realized it was Groundhog Day all over again," said Tony Nash, global vice president at Delta Economics.
A draft statement of the rejected deal had planned to extend the current program as a bridge to a new package, according to a Reuters report.