With the Greek government approaching the June 30 expiry of its euro-area bailout and no alternative financing in sight, Austrian Finance Minister Hans Joerg Schelling was the first to declare the effort to broker an aid deal has failed.

“The game is finished,” Schelling told reporters before a Eurogroup meeting in Luxembourg. Greece can’t “simply reject every proposal,” he said.

The ministers are meeting Thursday in an effort to overcome a deadlock over the release of as much as 7.2 billion euros ($8.2 billion) of aid from Greece’s 240 billion-euro bailout. European Union President Donald Tusk warned Greece last week that creditors were ready to throw in the towel and since then there has been little movement in negotiations.

“The day is coming, I am afraid, that someone says the game is over,” Tusk said on June 11 in Brussels.

David Fuller's view

Growing Greek protests against their own inexperienced left-wing government are a new potential trump card.  Meanwhile, Greek Prime Minister Alexis Tsipras is meeting with Russia’s Putin, who also does not have much money left.  Tsipras and Finance Minister Yanis Varoufakis have no political future if they capitulate to IMF and EU demands.  Consequently, they are hoping that EU leaders will be desperate or foolish enough to bailout Greece once again.

Wall Street is losing interest in Greece’s problems, evidenced by new highs for the Nasdaq Composite, Russell 2000 and Nasdaq Biotech Index.  Meanwhile, Europe is oversold following its correction, as you can see from these charts of the Euro STOXX 50 and Germany.