Take it or leave it: Greece will not present a new proposal; Greek bonds weaken again

Greece signaled it will make no concessions to unlock bailout funds, as it does not intend to present new proposals at a meeting of Eurozone finance ministers on June 18.

Greece's finance minister Yanis Varoufakis has told the German Bild newspaper that he won’t present a new reform plan at Thursday’s eurogroup meeting noting that Greece remains willing to find a solution but creditors need to take Greece’s proposals seriously to end the standoff.

When asked if he would present such a list, Varoufakis replied:

“No, because the Eurogroup (of euro zone finance ministers) is not the right place to present proposals which haven’t been discussed and negotiated on a lower level before.” Negotiations remain frozen after Greece's latest plan was dismissed as inadequate on Sunday night.

That’s driving today’s selloff in the markets, given Mario Draghi’s warning on Monday that a strong, comprehensive deal is needed as soon as possible.

As Bloomberg reports, supporters of the government plan to rally on Wednesday at the central square in Athens, according to a call posted on Facebook pages. Representatives of the ruling party, including Deputy Minister for Social Insurance Dimitris Stratoulis, have urged their followers on social media to join the demonstration.

Meanwhile, French President Francois Hollande warned that there is "little time" to prevent Greece from leaving the eurozone, as BBC News reports.

"It's not France's position to impose on Greece further cuts to smaller pensions, but rather to ask that they propose alternatives," he said on a visit to Algiers.

"We have to get to work... everything must be done in order that Greece remains in the eurozone."

Stocks declined the main ATG index falling by 1.5% at the start of trading, adding to yesterday’s side of nearly 5%.

Greek government bonds are weakening again this morning, driving up the yield (or interest rate) on its two-year bonds over 30%.