EU commissioner warns 'Grexit' unavoidable if Athens doesn't reach solution in five days

A pall is settling over talks with Greece, which again failed to reach a deal with international creditors yesterday. Despite the turmoil it would inflict on international markets, a default would mean Greece's exit from the eurozone. Germany's EU commissioner Guenther Oettinger has even threatened that the "Grexit" is "unavoidable if there is no solution in the next five days."

There are also rumors that Greece's creditors could be planning to extend the the country's bailout by five months and disburse 1.8 billion euros in order to allow Athens to pay back the International Monetary Fund by the deadline next Tuesday.

"We don't have a second plan, we have a goal of keeping Greece," Oettinger said. "But clearly if it's not possible, then we wouldn't be unprepared."

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Talks on Saturday will begin a last ditch effort for creditors and Athens to reach a deal. Greeks have been rushing to withdraw their money from banks, with deposits reaching their lowest point in almost 11 years.