By NewsGram Staff writer

Negotiations between Greece and its international creditors ended up in failure on Sunday.

The talks between the two parties lasted for less than an hour, but were inconclusive.

European Commission's spokesperson was reported by media outlets as stating, "While some progress was made, the talks did not succeed as there remains a significant gap between the plans of the Greek authorities and the joint requirements of Commission, ECB and IMF,".

Reportedly the European Union officials blamed the collapse on Athens, stating that it had failed to offer anything new to secure the funding it needs to repay 1.6 billion euros ($1.8 billion) to the International Monetary Fund by the end of this month.

Europe wants Greece to make spending cuts worth €2bn (£1.44bn), to secure a deal. Mr Dragasakis, Deputy Prime Minister of Greece however added that the EU and IMF also wanted Greece to cut pensions, which Athens has said it would never accept.

Hopes to strike a deal now move to Thursday's Eurogroup meeting in Luxembourg which many believe is the last chance before Greece's EU bailout expires at the end of June.

(With inputs from IANS)