A top EU official urged Athens and its creditors to make progress in their talks on a cash-for-reform deal on Monday, warning there was no “Plan B” in the event of a Greek default.

Finance Minister Yanis Varoufakis, speaking at the Economist conference on Thursday, said that the government is seeking an agreement with the partners that will give a solution to the impasse, that will help the country make a come back.

Greece’s economy went back into recession in the first quarter as a standoff with its international creditors renewed doubts about its place in the euro area.