The Institute of International Finance (IIF), which represents Greece creditors, said they did not reach an agreement with the Greek government regarding the size of losses to be bared by debt holders and the interest on the new loans, where the chief negotiators had left Athens yet they said negotiations will continue via phone.

The announcement dented hopes that both sides would struck a deal over the weekend, before the euro area finance chiefs meeting on Monday.

It is worth mentioning, the Greek government has to reach a deal to secure a second bailout by the EU and IMF to avoid default on its debt obligations.