(VOVworld) – Greece and the Eurozone failed Wednesday to narrow their differences in negotiating a bailout extension but agreed to meet again on Monday. After emergency talks in Brussels that ended after midnight, Jeroen Dijsselbloem, Chairman of the Eurogroup Finance Ministers, told reporters that they had a constructive discussion covering a lot of ground, but did not make enough progress yet to reach a consensus.

A protester displays his sign during an anti-austerity, pro-government demonstration outside the Greek parliament in Athens on the eve of a crucial euro zone finance minister's meeting. (Photo: Reuters)

Greek Finance Minister Yaris Varoufakis set out a proposal to stick to 70% of the reform commitments Greece made in exchange for the 240 billion euros received from the EU and the International Monetary Fund (IMF) in 2010, but overhauling the remaining 30%. Greece insists on raising the minimum wage, rejecting an unpopular property tax, and reversing key reforms demanded by the EU and IMF. It wants to end financial inspections by the 3 creditors – the European Commission, IMF and European Central Bank.

The 240-billion-euro package will expire on February 28^th. Without an extension, Greece is in danger of going bankrupt and may even be forced out of the Eurozone.