A Greek government official has said international creditors have rejected proposals from Athens ahead of a meeting of eurozone finance ministers in Brussels.
European markets have seen a huge drop since the announcement.
European markets have seen a huge drop since the announcement.
Cracks are now showing between creditors of the European Union institutions to whom Greece owes money, and the International Monetary Fund - the IMF thinks they should be much tougher on Greece.
Our Europe correspondent Jack Parrock reports.
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