A group representing Greece’s private sector bondholders will today meet with senior ministers in Athens in a final attempt to negotiate a writedown of the value of the country’s debt.

However, US-based York Capital Management, Och-Ziff, Marathon Asset Management, GreyLock Asset Management and Europe’s Vega Asset Management have vowed to prevent the restructuring deal from going through unless they are guaranteed a large profit on Greek bonds they bought at distressed prices during Greece’s financial crisis.

Stakes are high for the Greek government, as the country must repay a €14.5billion (£12billion) bond in March.

Greece hopes to avoid becoming the first country that uses the euro to default on its debts, which could potentially trigger more financial chaos and eventually destroy the European single currency itself.

“It’s very serious,” Nicholas Spiro, market analyst of Spiro Sovereign Strategy said. “The notion that a disorderly default by Greece can be ring-fenced is wearing thin and the markets don’t believe it.”

If the deal doesn’t go through this month, Greece could default as early as March, economists and policymakers said.