The international creditors of Greece appear to have hardened their stand prior to Monday’s Eurogroup meeting aimed at finding common ground with Greece’s new Radical Left Coalition (SYRIZA) government. Initially, February 16 had been marked as the conclusive date for an agreeement on the extension to the Greek request for an extension of the economic program for Greece by February 28. Discussions held over the weekend show that neither side appear to be backing down and an impasse seems unavoidable.

The Greek government has already expressed reservations for an agreement. Technical teams recording points of agreement and disagreement concluded their work by Saturday evening.

Sources state that the Eurogroup may meet anew during the week if progress isn’t made on Monday’s meeting. The SYRIZA Greek leadership point to an “endurance race” and expectations for an agreement on February 16 are slim.

There is a general belief that Greece’s lenders are trying to bide their time until the start of March in order to test the Greek government’s sociopolitical endurance. If, until then, the new Greek government’s line continues to stand firm, then a compromise could be reached. Meanwhile, there will be a great deal of pressure for Greece to buckle to demands for austerity.