Grexit risk hikes as Eurogroup meeting ends without Greece deal

LUXEMBOURG - Greece and its international creditors failed to clinch a deal on Greece's bailout issue on Thursday, raising the risks of a default and Grexit from the euro zone.

The Eurogroup meeting on Thursday, widely seen as Greece's last chance to avoid default, ended with no progress yielded from the talks.

"I am regretting to say that too little progress has been made.

No agreement is in sight over Greece debt deal," Dutch Finance Minister and Eurogroup President Dijsselbloem told press in Luxembourg.

Dijsselbloem said there is unlikely any financial aid to Greece before June 30, when its euro zone bailout agreement expires and the country has to pay about 1.5 billion euros (1.7 billion U.S. dollars) to the International Monetary Fund (IMF).

The Eurogroup chief said all parties should be prepared for all eventualities.

"Time is running out for agreement as parliamentary procedures have to be considered." The Eurogroup chief urged Greek government to seize the "last opportunity," adding that it is still possible to find an agreement before the end of the month.

But he reiterated the international creditors' stands on the bailout conditions that the proposals "have to be credible, sustainable and possible."

Christine Lagarde, Managing Director of the IMF, calls on "tangible and deliverable" measures from Greece as the institutions have put forward "clear and sensible" proposals.

"It cannot be smoke and mirrors. It must be credible," Lagarde said, adding that "the less adjustment (of the proposal from the creditors), the more the financing."

On the other side, Greek Finance Minister Yanis Varoufakis said that the Greek side has already "presented a comprehensive draft deal proposal which could deal with the debt crisis permanently."

Claiming the two sides were really close on very important parts of an agreement, Varoufakis said that "all European political leaders had the responsibility to achieve a positive outcome."

Arguing that gigantic adjustment required by the creditors has produced more problems than it solved, Varoufakis said "Greece needs a great deal of adjustment. But not of the same kind that we have had in the past."

Just a few minutes after the Eurogroup meeting, President of the European Council Donald Tusk called on leaders of Euro zone countries to discuss Greek issues emergently on Monday.

"I have decided to convene a Euro Summit Monday. Time to discuss the situation of Greece at highest political level," Tusk said on his official twitter account.

Everything will depend on the summit next week, Greek local media said.