The Eurogroup has rejected a Greek government request to extend its bailout program for a month beyond its expiry date of June 30.
Athens had made the request for time to hold a July 5 referendum on bailout proposals.
Eurozone officials said finance ministers would continue meeting in an informal session in Brussels without Greek Finance Minister Yanis Varoufakis.
EU officials told the press that there could not be an extension of the program now because there was no basis for cooperation.
Eurogroup head Jeroen Dijsselbloem told reporters as he arrived for a Brussels meeting that he was "surprised and disappointed" by the announcement of the referendum.
"That is a sad decision for Greece, for it has closed the door on future talks," he added.
However, German Vice-Chancellor Sigmar Gabriel told the country’s Deutschlandfunk radio: "We would be well-advised not simply to push this proposal from Mr Tsipras aside and say that it's a trick.
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