No more time was the message from Athens on Tuesday as the deadline approached for completing its vital debt restructuring deal.
There were market rumours that Greek Finance Minister Evangelos Venizelos was going to extend that deadline beyond Thursday, but that was denied by his ministry.
The main group representing the holders of Greek government bonds, the Institute of International Finance (IIF), believes if there is no deal there will be “very important and damaging ramifications” .
Analyst said that smacked of an attempt to scare the bondholders into accepting the major losses on their investments.
Greeks – both banks and individuals – have the most government bonds — 75 billion euros worth.
The IIF, in a report obtained by Reuters, said that a disorderly Greek default on its debt would cause more than one trillion euros of damage to the eurozone and probably leave Italy and Spain needing bailouts as well as more help for Ireland and Portugal.
Investors will lose almost three-quarters of the value of their debt in the exchange, but if it does not happen the IIF said the existence of the euro would be threatened.
Get a different perspective
Every story can be told in many ways: see the perspectives from Euronews journalists in our other language teams.