The latest attempt by Greece’s international creditors to reach a compromise on debt relief for the country’s €86 bailout program was “a major failure.”

That’s the view of German Finance Minister Wolfgang Schäuble, who made little effort to hide his frustration during Monday’s meeting between eurozone and finance ministers in Brussels.

A leaked memo from the gathering outlined Schäuble’s comments. It was published by Greek media Euro2day, which said that the six-page document comes from European Commission personnel. The memo paints a tense exchange of views between the International Monetary Fund, Greece and its creditors, many of whom criticized the Fund’s reluctance to come on board with the program.

“Let’s have no illusions,” Schäuble said. “This is a major failure.”

POLITICO sources confirmed the Commission link to the memo but insisted that the account represents only part of the discussion. The informal gathering of ministers — known as the Eurogroup — refrains from making any official notes apart from a final summary made public after the discussion.

A non-Commission official familiar with talks, meanwhile, said the memo “is a very accurate and objective account of the discussions.”

Monday’s gathering ultimately failed to convince the IMF to come on board with the bailout program, which is a vital precondition to unlocking the next round of bailout cash to Greece.

The Washington-based IMF wants greater clarity on what debt relief measures would be before it is ready to commit more money. But finance ministers have continuously insisted that those measures should be discussed only after the Greek program ends in the second half of 2018.

At one point during the evening, the IMF did offer to stay on board in principle but only pay out funds at the end of the program in 2018 once debt relief measures have been detailed.

The offer would have helped the German government save face and keep the Bundestag on board, while leaving controversial details on relief measures for after its September elections. Greece’s reluctance to the IMF’s principled offer, however, led to a breakdown in negotiations.

The Greeks want greater clarity on debt relief measures ahead of paving the way for both the full commitment from the IMF and for the ECB to include Greek bonds in its asset purchase program, POLITICO sources said.

Monday’s failure on an accord piles all the pressure on June 15, when eurozone ministers next meet in Luxembourg. There, they will aim to reach a deal that will unlock the next round of bailout cash disbursement to Greece.

Without the cash, the Hellenic state will be unable to begin making a series of repayments in July that amount to roughly €7.4 billion. Greece would be left stranded.

Ahead of Monday’s meeting, Greece passed a series of legislative actions, which addressed about 110 of the 140 reform commitments needed before the Greeks can get their hands on the next cash disbursement.

Finance ministers praised the “significant” Greek effort. They then turned on the IMF for its resolute positioning and reluctance to commit, according to the memo.

“We agreed [on] this program based on [the] expectation [that] the IMF would come on board,” Austria’s Hans Jörg Schelling said Monday evening. “We need to decide, are you coming on boar[d] or not?”

“[We] cannot be discussing new measures every four weeks,” Schelling added.

Despite all the frustration, finance ministers still insisted that Monday’s gathering was not entirely in vain.

“Let’s not underestimate what has been done tonight,” Italy’s Pier Carlo Padoan said. The “measures adopted will in any case help the Greek economy.”

Nonetheless, Padoan also warned that a “political crisis in Greece would also spark a financial crisis and those, when they start, we do not know how they stop.”

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