European Central Bank President Mario Draghi has voiced doubts about the possibility of reaching a deal with Greece.

According to Italian paper Il Sole 24 Ore, the ECB chief said it was unlikely that a solution would be found for Greece, admitting that it would be “really difficult” to end the Greek crisis.

He also commented that it was unprobable that Russia would come to their aid either: “It does not seem like a real risk. They don’t have the money themselves.”

Greece have formally applied for a three-year loan from the European Stability Mechanism bailout fund, and has until midnight to present a convincing proposal.

Global markets appear to be unaffected by the Greek issue; in early trading France’s CAC added 1.2 pc, Germany’s DAX rose 0.9 pc and the FTSE 100 gained 0.6 pc.