Talks between Greece and its eurozone creditors floundered late on Wednesday night without even vague agreement on a way forward.

Following a seven-hour meeting in Brussels, the two sides even failed to issue a statement as the new Greek government made its case for dumping the terms of the €240 billion (£177bn) bailout while the European Union dug its toes in.

A draft statement which spoke of “extending” its current bail-out agreement as a “bridge” to a new package, was rejected by Athens, shortly after being agreed by Finance Minister Yanis Varoufakis.

Eurozone finance ministers’ group head Jeroen Dijsselbloem said detailed proposals weren’t even discussed and there was not enough common ground to chart the path to the next meeting.

He added: “We explored a number of issues, one of which was the current programme. We discussed the possibility of an extension.

“For some it is clearly the preferred option, but we haven’t come to that conclusion as yet. We will need a little more time.”

Syriza’s proposals included Greece tapping the European Central Bank from the €1.9bn (£1.4bn) profits made from Greek state bonds and the issue of up to €8bn (£6bn) in short-term debt to meet immediate financing needs.

Athens has promised a 10-point plan to include renewed efforts to tackle tax evasion and corruption and to promote employment.

The finance ministers meet again on Monday, when pressure for progress will intensify as the clock ticks towards the end of the month, when the current funding arrangements will expire.