The country is also on the brink of missing a €1.6bn debt repayment, due by 11pm today, to the International Monetary Fund.

Jean-Claude Junker, president of the European Commission, made an offer in the eleventh hour to Athens to reach a bailout agreement before the deadline expires, according to Greek newspaper Kathimerini.

It said Greek prime minister Alexis Tsipras would need to accept, in writing by Tuesday, the bailout package that he rejected at the weekend, with a pledge to campaign for it to be accepted in the planned July 5 referendum. However, the report concluded it is highly unlikely that Tsipras will accept the offer. 

If a similar deal is not agreed, Greece might not be able to repay the IMF, and would become the first developed country to fall into arrears with the international fund. It would also show how cash-strapped Greece is struggling to meet its financial obligations without bailout loans.