A closely watched Eurogroup meeting dominated by the Greek issue concluded after 3.5 hours and just before midnight in Brussels on Wednesday, with the Greek delegation reportedly pressured on two key issues, namely:

Why the leftist government is asking for a new deal before the existing bailout plan has run out, and, why Athens’ proposals were not provided earlier to eurozone partners.

The same sources indicated that discussions, nevertheless, continued with numerous questions addressed to Greek FinMin Yanis Varoufakis and Deputy PM Yannis Dragasakis, who coordinates the government’s overall economic strategy.

At the same time, reliable reports indicate that a compromise is being promoted, one aimed to satisfy both sides of the argument, namely, continuing the essence of the existing program but molding it into more of a “bridge-deal”, which the Greek side wants.

However, according to reports, the Greek government is under pressure to maintain the current plan.

EU diplomats support that a joint communiqué will refer to hope of reaching an agreement at the next Eurogroup in Brussels on Monday.

Earlier

Apart from euro area FinMins, IMF Chief Christine Lagarde and ECB governor Mario Draghi also attended the crucial meeting.

Upon his arrival, Jeroen Dijsselbloem expressed his hope that Greece will stick to a path of reforms.

According to the Eurogroup head, the country has returned to growth and has achieved a primary surplus thanks to the reforms implemented so far.

“We are going to listen to the plans of the Greek finance minister and see on what basis we can continue our support for Greece,” Dijsselbloem said.

Moreover, the Eurogroup president underlined that Greece is still officially in a program, and therefore, the question is how to move on with that existing program.

Dijsselbloem stressed that he doesn’t expect an outcome today, as this is just a start of the talks and there is another Eurogroup meeting scheduled next Monday.

EU Commissioner Moscovici’s statements

European Commissioner for Economic and Financial Affairs Pierre Moscovici told journalists shortly before the meeting that Greece’s existing program will be the main focus of tonight’s talks.

The EU Commissioner stressed that the Greek government must understand that the country’s commitments must be respected. “We will work on the basis of these commitments,” he said and added that the Greek government will have the opportunity to present its ideas and solutions and exchange views with their European partners

With regard to the Commission’s role, Moscovici said it will act as a mediator in talks with Greece, to help find a compromise. “Our goal is to have a good conversation today,” he underlined.