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As Greek Prime Minister Alexis Tsipras embarks on a last-ditch effort to agree on a reform deal with creditors, a rebellion is mounting at home among his own Syriza party and the opposition.
Tsipras is in Brussels on Thursday to continue emergency talks with Greece's lenders after they rejected new reform proposals from his country earlier this week. Greece desperately needs further financial aid to avoid defaulting on its debt at the end of the month, but its creditors want an agreement on reforms before they release any more funds.
Greece and the Eurogroup of euro zone finance ministers failed to find a solution that could unlock desperately needed funds at a meeting in Brussels Thursday ahead of a summit of European leaders. A further Eurogroup meeting is set to be organised for Saturday.
After the Greek delegation failed to produce a new set of proposals for the Eurogroup meeting, the country's creditors—the International Monetary Fund, the other euro zone countries and the European Central Bank—presented their own set of reform plans.
Also on Thursday, news wires reported that the ECB had maintained its limit on emergency liquidity available to Greece's banks.
Even if a deal can be found, the prime minister faces a challenge getting it through the Greek parliament.
There's rebellion rumbling among the hard-liners within his own Syriza party, who are expected to reject any measures which add to the burden on pensioners. The party's coalition partner, the right-wing Independent Greeks party, has also vowed to oppose any rise in the lower VAT (sales tax) on Greek islands—something proposed by Syriza in a bid to appease creditors.
Speaking to CNBC in Athens on Thursday, Greece's minister for administrative reform, Giorgos Katrougalos, said that either there was going to be a "fair and equitable agreement, or none at all."
"And if we have a fair agreement, a fair compromise, everybody's going to back it up," he said, although he warned that there was a limit to how much Greece would concede to lenders.
"We want to pay back the money (that Greece has borrowed), but not a pound of flesh on top of that," he added. "We don't want the burden again to be on the weakest and the poorest and we have proposed equivalent measures to what the lenders demand."
Hopes of an imminent agreement between Greece and its creditors have faded throughout the week, raising the risk of a Greek debt default and potential exit from the euro zone. Greece has a 1.6 billion euro ($1.8 billion) debt due to the IMF on June 30 that it's unlikely to meet if no deal is reached.
The Eurogroup meeting of euro zone finance ministers ended without any agreement on Greece on Wednesday, after the country's latest reform proposals—based mainly on tax rises rather than the spending cuts which creditors want to see—were rejected.
Greece's calls for its debt to be restructured also fell on deaf ears, as creditors said they would only consider this once Greece had implemented reforms and the remainder of its bailout program.
On Thursday, a Syriza party parliamentary spokesman said lenders' proposals were "annihilating" and showed that the "blackmail" was continuing, Reuters reported. All eyes are now on a two-day European Union summit starting Thursday.
Problematically for Tsipras, any concessions made to accommodate lenders' demands could feed an anti-austerity backlash at home. There are signs that Greeks are not going to take further austerity measures lying down, with protests by both pensioners and young people—up to half of which are unemployed in Greece—taking place in Athens this week.
Dimmitris Kammenos, member of parliament for ANEL (the Independent Greeks, a government coalition partner with Syriza), told CNBC on Thursday that "as things stand, yes, there is no deal for us because there is no concrete, irrevocable statement regarding the restructuring of Greek debt."
Meanwhile, Katrougalos said he believed that any deal would be passed by the parliament, but warned that Greece's crisis had implications across Europe.
"I want to stress that it's not just a matter of Greece, it's a matter of the future of Europe. What's happening now (in Greece) is going to happen tomorrow in other countries," he told CNBC.
"One can see the rise of inequalities, the middle classes everywhere are very pressed, and one can see a kind of mistrust against the European institutions and that seem to deviate from the traditions of democracy in Europe."