According to two senior eurozone officials, if Mr Tsipras fails to reach an agreement — which people briefed on the talks say is now likely after fruitless all-night talks — the creditors’ offer will be presented to eurozone finance ministers for a “take it or leave it” choice by Athens.

“The Greeks didn’t move at all,” said one senior official of the talks between Mr Tsipras and the heads of the European Commission, International Monetary Fund and European Central Bank, which stretched into the early hours of Thursday before breaking up and resuming at 9am.

“The level of frustration is so high. I don’t see a deal,” the official added. “It’s looking pretty grim right now.”

Officials said the 18 eurozone finance ministers were united in their belief that Athens was to blame for the stand-off and were prepared to put intense pressure on the Greek government to accept the creditors’ offer. Greece’s current EU bailout expires on Tuesday.

Without an agreement by finance ministers, officials said it could then be handed over to eurozone heads of government who arrive in Brussels later on Thursday for a regularly-scheduled EU summit.

A deal must be reached by Friday at the latest so that the Greek parliament has enough time to legislate the reform plan before other eurozone parliaments, including the German Bundestag, will approve an extension of the programme.

On Thursday morning, as news of the 11am deadline for a deal emerged, Greek stocks rose. The Athens General index climbed 1.64 per cent to 793.68, after falling 2.28 per cent in earlier trading.

The same optimism was not apparent in sovereign debt yields, which were up 14.4 basis points to 10.542 per cent on Greek 10-year bonds.