Weekend deadline for Greece after negotiations draw blank

Finance ministers will meet on Saturday to attempt to thrash out a deal before Monday's markets open

Greece's creditors have set the country a weekend deadline to avoid default and stay in the eurozone, after more than 24 hours of non-stop Brussels negotiations at the highest level resulted in stalemate.

After talks between Athens and its creditors failed to reach an agreement on Thursday, a further meeting of eurozone finance ministers will be held on Saturday in a bid to achieve a breakthrough. With the German chancellor Angela Merkel insisting that a deal must be reached before markets open on Monday morning, Greece is now running out of time to secure an accord and make a a1.6bn payment to the International Monetary Fund (IMF) on Tuesday.