The latest word from Brussels is that Greece will unlikely be offered an extension at the Eurogroup meeting that begins at 3 p.m. on Saturday. Several countries already have expressed their opposition to this scenario.

The referendum for Greece means that a rescue package worth 245 billion euros for Greece will end on Tuesday, reports the French newspagency. There are reports that EU eurozone finance ministers on Saturday will discuss alternative emergency measures such as capital controls for Greece.

EU officials stress that the time has come for Plan B. The creditors proposals that the Radical Left Coalition (SYRIZA) government wants to put to a referendum are no longer on the table.

Furthermore, a senior member of German Chancellor Angela Merkel’s CDU party has said that the Budestag will not approve a short-term extension to the Greek bailout.