The eurozone has given Greece until Thursday to present new proposals to secure a deal with creditors, and has called a full EU summit for Sunday.
A growing recognition by IMF economists since the global financial crisis of the dangers of imposing too much austerity on cash-starved countries may have come too late to help the fund's biggest client: Greece.
US stocks finished higher on Tuesday in a topsy-turvy session, rallying after worries about Greece and China caused deep losses in early trade.
Oil prices have finished mixed as investors faced growing uncertainty over the Greek debt crisis and China's efforts to stem a stocks rout in the world's top energy consumer.
Advanced Micro Devices Inc. fell to its lowest in more than two years after the chipmaker said second-quarter sales declined more than originally projected because of weak consumer demand for personal computers.