Bloomberg reports that the future looks glum with the Radical Left Coalition (SYRIZA) government of Greece holding firm to its pre-election pledges to end austerity during a flurry of meetings in Brussels on Wednesday. Technical experts are now preparing the ground for fresh talks. The race for a deal is speeding up as Greece lurches closer to a default in a countdown to the June 30 expiry of its euro-area bailout without any agreement in place to ensure that it can meet its 1.6-bln-euro payment to the International Monetary Fund (IMF).

Following the Eurogroup meeting on Wednesday, Finland’s Finance Minister Alexander Stubb told reporters: “It’s going to the wire.” Ministers will resume their meetings at 1 p.m. by which time “a concrete proposal” will be made. “It’s important to keep the process going.”

Failure to close a deal by the weekend will increase the possiblity of Greece imposing capital controls to prevent a bank run. Greeks have already withdrawn 20% of deposits held by the nation’s lenders this year as concern of an exit from the euro intensifies.