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Eurogroup President Jeroen Dijsselbloem said on Monday the new proposals from Greek government which came in this morning were "a positive step" in the process and that it's possible to reach a deal within this week.
"New proposal from the Greek government came in this morning which we welcomed today, which was seen as a positive step in the process," Dijsselbloem said in a press conference after a short Eurogroup meeting in Brussels.
"General opinion of the institutions was that it (Greek proposal) is broad and comprehensive," according to Dijsselbloem.
Noting that the time is inadequate for the institutions to make in-depth assessment of the proposals, Dijsselbloem said more technical works were needed to go into the proposals.
"The Eurogroup has asked and urged institutions to work closely together and with the Greek authorities to start immediately on going into those proposals, going through them and getting all the specifics, doing the calculations on them and working on a list of prior actions which is the key thing," Dijsselbloem said.
"All of this with a view of, if possible, reaching an agreement later this week. And using the Greek proposals as a basis for that, " the Eurogroup chief said, adding that another Eurogroup meeting will be held this week to hear the final outcome of the Greek authorities.
Dijsselbloem told the press that Greece offered two versions of the proposals, one was sent late Sunday and one was sent early this morning.
Wolfgang schaeuble, Finance Minister of Germany, criticized the proposals offered by Greek government last night as not being "substantial" before the Eurogroup meeting.
"We don't have substantial proposals. I can't see how we can prepare the summit," Schaeuble said earlier Monday.
"We looked at the proposals very quickly, it's a good basis for work, work so have to be done on clarifying things and specify things, and check the overall consistency," said Pierre Moscovici, the European Commissioner for Economic and Financial Affairs said at the same press conference.
Moscovici also noted that the evening EU summit was expected to provide political basis for future negotiations.
European Commission Vice-President Valdis Dombrovskis confirmed there'll be another Eurogroup this week through his twitter.
"Greece proposals a welcome step but more work together with institutions needed. Eurogroup to reconvene this week. We need a deal in coming days," he said in his Twitter feed.
Monday was widely seen as a decisive day for Greece to avoid default. The crucial Eurogroup meeting may be the last opportunity for Greece and its international creditors to bridge the gaps over debt talks.
Talks over Greek debt issue have been in deadlock for five months. The European Commission, the IMF and the European Central Bank (ECB) are unwilling to unlock the final 7.2 billion euros (8. 2 billion U.S. dollars) tranche of bailout funds until Greece agrees to economic reforms.
On June 30, the extension of Greece's second bailout expires. Without a deal by then Athens may not cover a 1.5-billion-euro loan installment payment to the IMF due by the same day. The country will risk a default and exit from the euro zone. Enditem
