Hopefuls believing that the new Greek proposition had potential were shot down after Athens and its creditors have broken down again. Confidence in Syriza proposals have been shattered with the Greek public.

As of yet, no agreement between Greece and its creditors exist. The EU wishes that Athens have more spending cuts in exchange for rescue funds.

Next week, Greece is scheduled to provide €1.6bn. An amount it does not hold, to the International Monetary Fund.

With six hours of talks earlier in the day between Greek Prime Minister Alexis Tsipras and IMF heads, the meeting ended with Greece remaining firm on its position to have no additional austerities.

The EU leaders saw Tsipras’ proposals to hold clout and were constructive. However, on Wednesday, he was asked to revise and make the plans “tougher”.

IMF’s Christine Lagarde raised issue with the 11-page proposal prepared by Tsipras. The proposal was littered with red type by the creditors.

Tsipras said:

“The repeated rejection of equivalent measures by certain institutions never occurred before, neither in [bailout countries] Ireland nor Portugal.

“This odd stance seems to indicate that either there is no interest in an agreement or that special interests are being backed.”

The ECB, which supports the Greek financial system while a new proposal is in the process, said it will halt all support if no agreement and no new bailout agreement is in place