Greece was unable to reach a deal with the European Union to stay in an EU bailout program on Wednesday, Eurogroup President Jeroen Dijsselbloem said, noting talks will continue on Monday.
"We discussed the possibility of an extension. For some that is clear that is preferred option but we haven't come to that conclusion as yet. We will need a little more time," he told reporters in Brussels.
Greek Finance Minister Yanis Varoufakis, who was expected to announce an overhaul of the country's current bailout program, played down the outcome. Talks were "very good", he told reporters, adding that a "healing deal" on Greece's finances could be reached on Monday.
Varoufakis was expected to propose new reforms—to make up for the ones that the new Greek government wants to scrap—and to ask for a "bridge program" to cover the government's funding needs until a new debt pact is reached.
In the meantime, Asian stocks and the euro fell on Thursday as markets erred on the side of caution over the ongoing Greek debt negotiations amid conflicting headlines on progress in the talks.
MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.7 percent as markets from Australia to China all declined. Japan's Nikkei bucked the trend and gained 1.6 percent thanks to a significantly weaker yen.