Greece remains confident a new debt deal with its eurozone creditors will be achieved after crisis talks broke up without agreement in Brussels.
The country rejected a draft proposal put forward by European finance ministers that would see an extension of Greece's international bailout package following three hours of talks on Monday evening.
Dutch finance minister Jeroen Dijsselbloem, who chaired the meeting, said Athens now has until Friday to request an extension or risk seeing the bailout expire at the end of the month.
If that happens the Greek state and its banks could face a looming cash crunch.
Greece's finance minister, Yanis Varoufakis, said negotiations will continue, adding he has "no doubt" an agreement will be reached that would be "therapeutic to Greece and for Europe".
But he added his country will not implement recessionary measures such as pension cuts and VAT hikes.
Greece's anti-austerity Syriza government recently swept to power on a promise to scrap the bailout as it stands.
But with Greece running out of money, Maltese finance minister Edward Scicluna said the country faces "disaster" unless it extends the bailout, which is due to end on 28 February.
"Greece has to adjust, to realise the seriousness of the situation," he said.
"It all depends on the realisation by Greece of the real seriousness of the situation because time is running out."
Mr Dijsselbloem said a "positive outcome" was still possible if Greece asked for the extension by the end of the week.
He said further talks are dependent upon Greece requesting a bailout.
"Given the timelines we have... we can use this week but that is about it," he said.
"The general feeling in the Eurogroup is still that the best way forward would be for the Greek authorities to seek an extension of the programme."
Many in the financial markets think a failure to secure agreement will leave Greece little option but to leave the euro.
European stock markets fell on Tuesday in reaction to the deadlock, with Greek banks suffering losses of up to 10% in early trading, though hopes a deal will be done later reversed those losses.
Mr Varoufakis and other European finance ministers remain in Brussels for routine talks on the EU economy today though Greece is expected to dominate.
The Chancellor George Osborne arrived for the talks warning of "severe" consequences for economic recovery in Europe without a deal, saying he wanted to see "competence not chaos."
Speaking after last night's meeting, Sky's Economics Editor Ed Conway said: "The ball is once again in Greece's court. European finance ministers leaving the talks said it was now up to Greece and its prime minister and ministers to request an extension to the deal.
"Otherwise the Eurogroup are not going to continue talking and there is the real prospect increasingly of Greece either defaulting or leaving the euro.
"The big problem is that Greece is potentially going to run out of money quite soon."
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