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Greece’s prime minister said his country was in the “final stage” of talks for a new bailout, as his left-wing government on Wednesday rejected the idea of extending the negotiations beyond this month.

But a European source said it was not yet confirmed that the talks would begin Friday, adding that at most “only a few people” from the so-called troika of creditors would arrive before the weekend.

“This would have created a parallel banking system, which would have given us some breathing space, while the banks would have been shut due to the ECB’s aggressive policy”, Varoufakis was quoted as saying.

“We are satisfied with the smooth and constructive cooperation with the Greek authorities, and that should now allow us to progress as swiftly as possible”, Mina Andreeva, a European Commission spokeswoman, said in Brussels.

NEW economic reforms imposed on Greece by creditors are going to fail, according to the country’s outspoken former finance minister.

The Europeans insisted on the Greek Parliament voting for these tough measures as they say Greece suffers from a huge “trust deficit” and that they need some assurance that the Greeks are honest about implementation.

Several sources said there was consensus among the other 18 ministers around the table during the “exceptionally difficult” talks that the leftist government in Athens must take further steps to convince them it would honor any new debts.

Leaders are discussing new proposals put forward by their finance ministers.

“I think there is a democratic process that is underway, and that should result in hopefully more clarity, less uncertainty as to what is the determination of the Greek people, and what is the authority of the government”, she said about the referendum.

A meeting of European finance ministers broke up late Saturday with no agreement on whether Greece should be granted its third bailout since 2010, reflecting deep divides over whether the Athens government can be trusted to repay huge new loans and leaving the continent hours...

Eurozone leaders decided at an emergency meeting earlier this week that Greece should have one more chance to present a credible rescue plan.

ATHENS, Greece (AP) – Greek Prime Minister Alexis Tsipras sought his left-wing party’s backing on Friday for a new budget austerity package that is harsher than what he urged Greeks to reject in a vote just last week, but would provide the country will longer-term...

Yet the prospect of an imminent breakthrough was nearly immediately quashed by Greece’s main creditors, including economic powerhouse Germany, even as Washington continued to press for both sides to reach a compromise.

“Pierre Moscovici said on Saturday ahead of the meeting that the differences between Greece and its creditors could be bridged”.

The head of the grouping of Euro zone finance ministers, Jeroen Dijsselbloem, has said that a “No” vote in the Greek referendum on bailout terms will not provide the country with an easy way out of its debt crisis.