Brussels's deadline to Greece lapses without progress

The 10:00 deadline for Greece to present a workable plan of economic reforms if it wants to access the €7.2bn of funds remaining under its current bailout programme has lapsed without any fresh proposals having been presented by Athens.

Nevertheless, the deadline, first reported by the Financial Times’s digital edition, was seen as a technicality given that talks overnight to try and break the current impasse between both sides had failed.

That meant the country's lenders and euro area finance ministers were now set to present Greece with a "take it or leave it" offer following the meeting of Eurogroup finance ministers which was due to start at 12:00.

Euro area heads of government were scheduled to meet afterwards, at 15:00.