“There is still time for Greece to end the combative stance it has shown against its European partners. However, there is no Plan B in the horizon,” Austrian FinMin Hans Jörg Schelling warned, adding that Athens must follow the terms of the bailout package.

“I believe we can reach a solution before the end of February, if Greece wants to,” Schelling said during a radio interview. “If not, then things will enter a critical state”.

“We have a situation where money is leaving Greek banks. We have a situation under which, specific borrowing obligations might possibly not be met and this is indeed critical since the reaction of the markets will be huge”, warned the Austrian FinMin.

On the other hand, Schelling dismissed any possibility of Greece leaving the Eurozone or EU, stating that it is beneficial for both sides if this were avoided.

“If there is no solution, however, then there will obviously need to be a Plan B formed in time, but I have no knowledge of something like that already existing”, he concluded.