Yanis Varoufakis,
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Greece deal "will be forgotten in the annals of history"

Private creditors have made their maximum offer to reach a deal with Greece over restructuring its debt, says Charles Dallara, the chief negotiator for Greece's private creditors.

Greece needs to persuade banks, insurers and hedge funds to take a deep cut in what they are owed.

If it fails to reach a deal it will default and will not receive a second 130bn euro rescue plan.

The creditors will continue to negotiate with the Greek government this week.

But Yanis Varoufakis, Professor of Economics at the University of Athens says any deal will be "unsustainable" and "forgotten in the annals of history".

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