Greece’s new leftist government and its international creditors failed to agree on a way forward on the country’s unpopular bailout and will try again on Monday, with time running out for a financing deal.

In seven hours of crisis talks in Brussels that ended after midnight, eurozone finance ministers were unable to agree even a joint statement on the next procedural steps. Both sides played down the setback, insisting there had been no rupture.

But Greek stock prices, which whipped higher after hours in New York on talk of an accord, sagged with disappointment when it emerged that Greece’s laconic new Finance Minister Yanis Varoufakis had walked away from a draft deal to extend current credit terms after conferring with fellow Greek officials.

“We had an intense discussion, constructive, covering a lot of ground, also making progress, but not enough progress yet to come to joint conclusions,” Jeroen Dijsselbloem, the chairman of Eurogroup finance ministers, told a midnight news conference.

“We didn’t actually go into detailed proposals, we didn’t enter into negotiations on content of the programme or a programme, we simply tried to work next steps over the next couple days. We were unable to do that.”

Greece would have no further contact with experts from the European Commission, the International Monetary Fund and the European Central Bank before Monday, he said. That was the opposite of how other EU ministers understood they had left matters when they headed home an hour or so earlier. Looking as casually confident as when he had arrived at his first such talks, Varoufakis said: “Now we are proceeding to the next meeting on Monday. We hope that by the end of that one, there is going to be a conclusion in a manner that is optimal both for the perspective of Greece and our European partners.”

Spelling out how Greek voters had rejected the “toxic” austerity dictated by international lenders that rescued Greece after the global financial crisis, he said he hoped for a “healing deal” on Monday and stressed that, while much remained undone, “not finding a solution is not in our rationale”.

Diplomats said efforts to clinch a joint statement, as it went through drafts, were aborted after Varoufakis consulted government colleagues. A text seen by Reuters showed that the Eurogroup had wanted to agree on “extending” the present loan programme – a phrase that is anathema to Athens.

Hard-left Prime Minister Alexis Tsipras rejects any extension of the €240 billion package, which expires on February 28. He refuses to cooperate with the “troika” of EU/ECB/IMF officials overseeing Greece’s finances and demands a “haircut” reducing its debt.

German Finance Minister Wolfgang Schaeuble has said that if Greece is not willing to request an extension of the current bailout – the biggest in financial history – “then that’s it”, appearing to rule out further assistance or debt forgiveness.

Asked whether a so-called ‘Grexit’ was on the cards, Varoufakis told reporters on arrival: “Absolutely not.”

Economists polled by Reuters this week estimated a one-in-four chance of Greece leaving the 19-nation single currency area this year – the highest reading since the start of the Greek debt crisis in late 2009.

At least 10,000 Greeks took to the streets of Athens and other cities on Wednesday to demonstrate support for Tsipras’s government in the Brussels negotiations.

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