Monday urged all sides in the negotiations on Greece "to go the extra mile", but insisted the ball was in Athens' court.

"A strong and credible agreement with Greece is needed, not only in the interest of Greece, but also of the euro area as a whole. While all actors will now need to go the extra mile, the ball lies squarely in the camp of the Greek government to take the necessary steps," Draghi told the European Parliament's Committee on Economic and Monetary Affairs in Brussels.

His comments were relayed live via the European Parliament's website.

"By strong and comprehensive I mean an agreement that produces growth, that has social fairness, but that is also fiscally sustainable, ensures competitiveness, and addresses the remaining sources of financial instability. I can assure you that the ECB is doing all it can to facilitate a successful outcome," Draghi said.

Talks between Greece and its EU-IMF creditors ended with no deal on Sunday, setting the countdown towards a disastrous default by Athens with the threat of a Greek exit from the euro closer than ever.

All sides had agreed that the talks were the last chance for Athens to unlock vital bailout cash by the end of the month, in return for tough reforms that Greek Prime Minister Alexis Tsipras still doggedly refuses to agree to.