The Greek government leaked a non-paper late Wednesday to the media upon the completion of economic policy council cabinet meeting saying an agreement with the creditors before August 20 was ‘absolutely feasible’. Some government officials are more optimistic saying a deal could be reached as soon as the upcoming weekend.

During the meeting, which lasted for 2 and a half hours the Greek PM Alexis Tsipras was briefed on the progress of negotiations with the Quartet, while the council also revised the targets set by the Greek side in the negotiation with the institutions.

A government source said a deal was possible before the deadline of August 20, when Greece has to make a key debt repayment to the ECB worth 3.4 bln Euros, providing both sides honor the July 12 EU-19 Summit agreement. According to reports emanating from the government, thorny issues such as Labor reforms, massive lay-offs and the industrial union law were agreed to be looked into later in Autumn.

If all goes smoothly the representatives of the four institutions-ESM, IMF, EC and ECB- will give the green light by August 11 for a new loan and the conditional measures accompanying it. The next phase if for the Greek and other EU parliaments to vote the new agreement on August 18-19.

Meanwhile, EC President Jean-Claude Juncker also expressed his hope that the deal could be wrapped up before August 20 speaking to AFP.