An emergency summit of European leaders will be held on Monday, after the latest attempt to resolve the Greek debt crisis failed.
According to the BBC a meeting of Eurozone finance ministers in Luxembourg made no breakthrough.
Head of the Eurogroup, Jeroen Dijsselbloem, said that "too little" progress had been made and that "no agreement as yet is in sight".
Greece has less than two weeks to strike a deal with its creditors or face defaulting on an existing loan.
Mr Dijsselbloem stressed that "very little time remains" for Greece.
Greek finance minister Yanis Varoufakis insisted he had put forward workable plans to avert bankruptcy.
Reports said that the European Central Bank (ECB) was to hold an emergency meeting of its governing council later today to discuss the deteriorating situation for Greek banks.
It was thought that the ECB may have to extend further emergency funding for Greek banks which have suffered high rates of withdrawals by customers worried that Greece could be forced out of the eurozone.