Greece is to present to eurozone finance ministers a plan to break from its bailout commitments, despite intense creditor opposition.
Speaking ahead of a vote of confidence on the proposals in the Greek parliament - won easily by the anti-austerity coalition government - prime minister Alexis Tsipras insisted there was "no way back" in his bid to rewrite the terms of the rescue deal.
He said Greece was seeking a new arrangement with its bailout creditors that would not condemn Greeks battered by five bitter years of income cuts, tax hikes and record job losses "to a lifetime of misery".
His finance minister Yanis Varoufakis, who has insisted the €240bn bailout deal is dead, heads to Brussels this evening to try to secure continued support, but no new loans, until a final four-year deal can be crafted by September.
The so-called bridge agreement proposals include Greece tapping the European Central Bank (ECB) for €1.9bn in profits made from Greek state bonds and the issuance of up to €8bn in short-term debt to meet its immediate financing needs.
Athens has also promised a 10-point plan which will include renewed efforts to tackle tax evasion and corruption but also promote employment.
One condition of its EU-International Monetary Fund rescue was delivering a primary budget surplus of 3% in 2015 before debt repayments.
The new government has argued such targets - achieved through tax hikes and wage cuts - make an economic recovery impossible and it is pushing to halve that figure to 1.5%, a result it delivered in 2014.
But opposition to the country's efforts to change the terms of its bailout remains fierce.
The ECB, part of the so-called Troika of lenders to Greece, said last week it had stopped accepting the country's bonds as collateral - citing uncertainty over its bailout commitments.
Germany, the main European contributor and a champion of fiscal discipline, has taken a tough line and tempered market hopes that a compromise could be on the cards.
Finance minister Wolfgang Schaeuble warned the negotiations would be dead if Athens pulled out of the current bailout programme.
He also said there was no chance of reaching a final deal in Brussels on Wednesday.
The current bailout programme ends on 28 February so both sides are under pressure to reach a deal.
The lack of any agreement could force Greece into bankruptcy and ultimately push it out of the eurozone and to adopt a new currency.
Markets remain jittery on the prospect of a default and 'Grexit' from the single currency - with the main Greek stock market falling 5% on Wednesday - with banking stocks again feeling the bulk of the pain.
The country's defence minister has raised the possibility of Greece seeking a loan deal with either the US, Russia or China should it be unable to strike an agreement with its European partners.
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