After an intense day of EU-mediated talks in Brussels, the Prime Minister Alexis Tsipras returned empty-handed as there is still no agreement between Greece and its creditors.
The International Monetary Fund has withdrawn its delegation from negotiations in Brussels and flown home, citing significant differences with Athens.
"There has been no progress in narrowing these differences," IMF spokesman Gerry Rice said Thursday. "There are major differences between us in most key areas."
Talks late on Wednesday between Prime Minister Alexis Tsipras, German Chancellor Angela Merkel and French President Francois Hollande may have failed to yield a breakthrough but all sides said they had moved closer on the procedure leading to an agreement.
"At the end of the talks there was absolute unanimity that Greece will work intensively and full steam ahead ... in the coming days to solve all remaining issues," German Chancellor Angela Merkel said.
A Greek deal is "practically and technically" possible by the June 18 eurogroup meeting, Eurogroup President Jeroen Dijsselbloem told reporters.
The eurozone's finance ministers - commonly known as the eurogroup - meet in Luxembourg June 18-19, in a meeting that European Union President Donald Tusk says "should be decisive." The IMF managing director, Christine Lagarde, will also attend the meeting.
The Greek prime is now called upon to take his final decisions, as time has nearly run out and the creditor pressure escalates. Tsipra's government strives to secure an extension of the country’s bailout program through March 2016. This nine-month extension would help carry Athens over its current funding gap.
The Greek government anticipates receiving funds from the European Financial Stability Fund (EFSF), and has asked creditors for ESM money to repay the European Central Bank.
The government wants to secure a single agreement with its EU partners that will ensure adequate funding, dept restructuring, a development plan for the Greek economy and no further measures from its creditors.
Meanwhile Athens is sticking to its non-negotiable "red lines" on labor and pension issues. SYRIZA has ruled out the abolition of the Pension Social Solidarity Fund (EKAS) and aspires to restore collective bargaining rights and progressively raising the minimum wage level to pre-crisis levels.
Concerning primary surplus and taxation the Greek government is willing to agree on a 1% surplus for the full year 2015 and overhaul its tax system by raising the middle VAT rate.