After the talks on Greece’s bailout failed, Germany's EU commissioner declared that it is the time to prepare for a "state of emergency," Reuters reports.
"It won't work that Greece sets the terms and says 'everyone has to dance to our tune'. Greece needs to get back to reality," Volker Kauder, parliamentary floor leader of Chancellor Angela Merkel's conservatives, told ARD television, Reuters reports.
According to the source, the EU officials have said that if there is no progress, an ultimatum will be presented to Greece.