The continuing stand-off between the eurozone and Greece over its debt could lead to a "full blown crisis", George Osborne has warned.
The Chancellor made his comments as eurozone finance ministers prepare for crunch talks this afternoon on whether to extend the EU loan programme to Greece.
The discussions - which have been delayed by an hour - will centre on Athens' bid for more cash over six months but without strict austerity conditions attached.
Negotiations have been continuing behind the scenes in advance of the meeting in Brussels today, which the eurogroup had set as a deadline for a deal.
A member of the Greek team, Elena Panaritis, told Sky News it was clear the country's creditors wanted Greece to bleed and politics had got in the way of economics.
It has been suggested there is now 80% agreement on the Greek plan - which the eurozone's paymaster, Germany, had previously dismissed as a "Trojan horse, intending to get bridge financing and in substance putting an end to the current programme".
Greek prime minister Alexis Tsipras told Reuters on Friday he was "certain" his government's request would be accepted despite Berlin's objections and called for a "historic political decision" to seal a deal.
He insisted his nation had done "everything possible".
His anti-austerity government is seeking a compromise as it runs the risk of running out of cash and defaulting on its debts without agreement by the end of the month.
It has ruled out the prospect of any deal under the terms of its previous rescue because of its mandate from the Greek people who swept the anti-austerity Syriza party to power last month.
The formal Greek request pledged to honour all Greek debts and not take unilateral action that would undermine agreed fiscal targets.
The government of Alexis Tsipras blames the conditions attached to its €240bn (£178bn) bailout of hampering the country's recovery and leading to a deterioration of living standards.
Unemployment remains at more than 25%.
On Monday, the government rejected a eurozone plan to extend its current bailout commitments, describing it as absurd.
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