It is D-Day for Greece which is on a collision course with the eurozone on its bailout.

The Athens government wants a new deal over repaying its debts, without the agreed austerity measures and is putting its proposals to mostly hostile Eurogroup finance ministers at a meeting in Brussels.

Finance Minister Yanis Varoufakis has refused to rule out a standoff with his country’s creditors.

Speaking in parliament he said: “We’re not seeking a clash. We will do everything to avoid it, but if you’re not willing to even consider a clash, you’re not negotiating.”

He has proposed a six-month transition during which Greece wants to be allowed to issue more short-term treasury bills as well as run a smaller budget surplus and receive European Central Bank profits on Greek bond holdings.

In the Greek capital people were hoping for the best, but fear the worst.

One man was fatalistic saying: “What the European Union says is what will be done. ‘I give you money, you will do as I say’.