REPUBLIKA.CO.ID, ATHENS -- Greece "will not accept ultimatums" in last-ditch EU talks over the future of its reforms and cash support, a government source said Tuesday.

"The Greek government will not accept ultimatums. It is determined to honour its public mandate and the history of democracy in Europe," the source said as EU finance ministers were to meet again to discuss the Greek crisis.

However, Athens remains "steadily committed to finding a mutually beneficial solution," the source said, adding that reaching such a deal is "completely feasible".

Greek stocks were shedding more than 2.7 percent in midday trade on Tuesday.

Talks between eurozone finance ministers broke down on Monday without agreement on Greece's debt after Athens refused to apply for an extension to its bailout.

Eurogroup head Jeroen Dijsselbloem said the country had the rest of the week to make the request, with the 240 billion euro ($270 billion) lifeline expiring at the end of the month.

The Greek government source said Dijsselbloem had presented a working document that Athens could not accept, such as pledges to continue privatisations, and labour and pension reforms.

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