Greek Eurozone talks yield no agreements

Eurogroup President Jeroen Dijsselbloem has said  that the seven hours of talks in Brussels had been "constructive" although they ended without an agreement ahead of further talks next Monday. However both sides insist there is still hope for a deal.

Greece has siad its bailout deal with the EU is punishing and that it should end, but the EU has warned Greece to abide by the deal.

The new Greek government was elected on a promise to end the bailout and ease austerity measures accompanying it. It has proposed to overhaul 30% of its bailout obligations, replacing them with a 10-point plan of reforms.

Greece's creditors in the EU, led by Germany, have however insisted that the terms of the bailout cannot be altered.

Officials from both sides have been locked in negotiations aimed at reaching a deal on Greece's debt repayments. The deal is hoped to stave off the prospect of Greece’s exit from the eurozone - a prospect which is much fear by the markets.

Greece's finance minister Yanis Varoufakis said that hours of emergency talks in Brussels had produced "very good discussions".

According to Reuters news agency, the Greeks had rejected a draft agreement from eurozone finance ministers that proposed "extending" the current bailout deal. The current EU-IMF bailout for Greece is due to expire on 28 February.

Greece's government, led by the radical left-wing Syriza party, has said that the conditions of the €240bn bailout have made Greece penniless. The new government rejects the "troika" team - the EU, International Monetary Fund (IMF) and European Central Bank (ECB) - overseeing the bailout's implementation.

The government, formed after Syriza won elections last month, is asking for a "bridge agreement" that will enable it to stay afloat until it can agree a new four-year reform plan with its EU creditors.

Greece's debt currently stands at more than €320bn (£237bn) - about 174% of its economic output (GDP).