Greece is not likely to be able to pay its debts, meaning the twice bailed-out member of the euro zone will have to restructure about $240 billion of sovereign debt, European Union officials told Reuters on Tuesday.

Although the officials, who are part of the so-called Troika that includes the European Central Bank (ECB) and the International Monetary Fund, won't finalize the results of their inspection of Greece's debt-choked economy until next month, their conclusions are already clear.

Prospects of euro zone members or the ECB being willing to bailout Greece yet again appear remote if not non-existent, especially since the Greek economy is expected contract by a massive 7 percent this year and Greek officials have not been able to make progress in fixing the three-year-old crisis.

Greece is hugely off track, one of the officials told Reuters. The situation just goes from bad to worse, and with it the debt ratio.

European union European central bank International Monetary Fund European union