Eurogroup To Hold Next Greece Session On Saturday

(RTTNews) - Thursday's Eurogroup meeting in Brussels to discuss deal proposals for Greece has ended and euro area finance ministers are set to hold their next session on Saturday, reports said.

Eurogroup Chief Jeroen Dijsselbloem said the "door is still open" for Greece.

"That's it for today. Institutions and Greece to continue work," Finland's Finance Minister Alexander Stubb said in a twitter message. "Eurogroup back later, but not today."

Elsewhere, Greek Prime Minister Alexis Tsipras expressed optimism about reaching a deal with the country's creditors to unlock the crucial 7.2 billion euros in aid.

The meeting, which was set to conclude ahead of the start of the EU summit, was 'indefinitely suspended' as euro area finance ministers apparently waited for Greece to present a fresh set of proposals, reports citing EU officials suggested. Later reports said it was only a brief break.

As tight meetings between Greece and its creditors went on earlier in the day, the Eurogroup session was delayed until 1:30 pm Brussels time. Finance ministers were reportedly given a deadline of 4 pm to reach a conclusion on Greece, reports said earlier on Thursday.

Earlier in the day, Tsipras met the chiefs of the country's creditors, the European Commission, the European Central Bank and the International Monetary Fund, at the commission's headquarters.

Greece apparently stuck to its revised plan that was submitted on Monday and which was initially welcomed positively by the creditors, who said it shall form the basis for further discussions.

Despite subsequent disagreements, both Greek and EU officials said that differences have narrowed and a deal is still possible.

Greece faces a 1.6 billion euro payment to the IMF on June 30th and it needs external financial support to honor that. Failing a deal, the existing bailout would expire at the end of this month.

Greece was the first euro area country to be bailed-out by the EU and the IMF in 2010. Many economists and observers suggest any deal this week will only provide short-term relief for Greece, which needs more financial support over the coming years, leading to speculation of a third bailout for the country in the future.

Efforts to reach an agreement between Greece and its creditors to help the country avoid a default are underway and are set to take many hours, European Council President Donald Tusk said on Thursday.

"For now, I can only say, that work is underway and for sure it will need still many hours," Tusk said ahead of a European Council meeting in Brussels, which has migration as its main agenda.

He added, "The last hours have been critical but I have a good hunch that unlike in Sophocles' tragedies this Greek story will have a happy end."

Even if a deal is secured in Brussels, Tsipras is set to face an angry parliament in Athens as lawmakers from both the ruling Syriza party and the opposition voiced objection to higher taxes and pension contributions.

This has raised concern that the new proposal may fail to get approval from the Greek parliament, which has to vote on the proposal before June 30th.