Greek Prime Minister Alexis Tsipras has agreed with German Chancellor Angela Merkel that he will present new proposals for a deal at a summit of Eurozone finance ministers tomorrow, reports have suggested.
Reuters reported that the pair had reached the decision during a phonecall today.
However, the chances of reaching an agreement are still slim. This morning, Merkel poured cold water on hopes of a bailout deal between Greece and its lenders, with her spokesman saying the "pre-conditions for entering into negotiations over a new aid programme do not currently exist".
Merkel's pessimistic outlook was echoed by Valdis Dombrovskis, the European Commission's vice president, who said the "no" result of the Greek referendum "unfortunately widens the gap between Greece and other Eurozone countries".
"There is no easy way out of this crisis," he added. "Too much time and too many opportunities have been lost."
Between them, the pair sent the euro crashing down against the dollar. By lunchtime, it had fallen 0.8 per cent to $1.1025. Markets were relatively sanguine, considering the gravity of the situation, with the FTSE 100 down 0.6 per cent, while Germany's Dax was down 1.4 per cent and France's Cac 40 was down 1.8 per cent.
Earlier today, Greek finance minister Yanis Varoufakis resigned, ostensibly in an effort to put Greece in a better negotiating position. Throughout talks, Varoufakis has been seen as a maverick and a difficult operator, with a stubborn streak. The move was designed to indicate Greece is deadly serious about negotiating a solution to its current troubles.