The Greek government has dismissed media reports that the country is preparing to default on its loans if it cannot reach agreement on its bailout terms with international creditors.

A government spokesman said negotiations were proceeding swiftly towards a solution.

Greece negotiated a three-month extension to its €240 billion ($272 billion) bailout at the end of February.

The Greek government is due to pay the IMF €203 million on May 1st and €770 million on May 12th.

Photo Reuters

However, reports suggest the government is rapidly running out of money. It needs to find €2.4bn to pay civil service salaries and pensions this month.

The Greek government has also denied reports that it was considering calling early elections if it failed to negotiate a settlement with its international creditors.

Last week, eurozone officials said Greece only had six working days left to come up with a revised list of reforms to seal a deal on its next rescue bailout.

Eurozone deputy finance ministers want an agreement on the €7.2 billion loan in time for a Eurogroup meeting on April 24th.

PM Alexis Tsipras has said that Athens will not be able to service its debt without financial help from the European Union.