The Greek president Karolas Papoulias has resumed urgent talks today.
To appeal to the countries four main parties, including the Democratic Left party, the centre-right New Democracy Right and the Socialist Pasok party. To try to form an emergency coalition government to avoid new elections after negotiations failed over the weekend.
If successful, it could end a lingering political crisis and potentially stave off the country's exit from the shared European currency. But this continuing financial uncertainty has hit Greece hard this morning, as shares in Greek banks have fallen by as much as 7% in early morning trades.
The moderate Democratic Left party in Greece says it will not join pro-bailout parties in a coalition without the more radical far left Syriza. But Syriza said it would not attend because it could not back any coalition which supported austerity.
The fear over holding new elections is that parties that oppose austerity measures that are a condition of Greece's bailout deal might do well again in new polls. And with no sign Europe's leaders are prepared to renegotiate the deal, Greece could end up leaving the Eurozone.
I am Ann Salter,thanks for watching, stay tuned for the latest news on the Euro Crisis and other news on our website ibtimes.co.uk