New Eurogroup meeting on Greece Wednesday: EU's Tusk

[ BRUSSELS] Eurozone finance ministers will meet again on Wednesday in a bid to reach a final bailout deal for Greece ahead of an EU leaders' summit the following day, EU President Donald Tusk said.

"Prime Minister (Alexis) Tsipras and the institutions will work together now so that the Eurogroup can achieve results on Wednesday evening that can be presented Thursday morning," Tusk told a press conference after an emergency eurozone summit in Brussels Monday.

The Eurogroup of finance ministers from the 19-country currency union had met earlier on Monday ahead of the crisis summit, but was unable to reach any deal on a new reform plan submitted by Greece overnight.

European Commission chief Jean-Claude Juncker meanwhile said he was "convinced" a final agreement would be made this week between Greece and its EU-IMF creditors after a five-month stand-off.

"I'm convinced that we will come to a final agreement in the course of this week, for the simple reason that we have to find an agreement this week," Juncker said.

Greece has had to accept harsh austerity measures in return for bailout funds but the left-wing government of Tsipras elected in January has balked at taking more of the harsh measures in return for the last tranche of 7.2 billion euros (S$10.9 billion) from the current programme, which expires at the end of the month.

But without the money, Greece may not be able to make a 1.5-billion-euro repayment to the IMF which is also due on June 30, risking a default and possible chaotic exit from the eurozone.

AFP