Eurogroup meeting kicks off with dim hope to reach Greece deal

The finance ministers of the euro zone countries gathered in Luxembourg on Thursday seeking to strike a deal over the Greek debt issue.

The Eugroup meeting was widely seen as the country's last chance to avoid default. But there is few signs of breakthrough in the deadlocked talks till the bloc's finance ministers stepped into the meeting room.

"I am not sure whether we will make any progress today," Dutch Finance Minister and Eurogroup President Jeroen Dijsselbloem said on his arrival to the meeting.

"In the proposal by the institution there have been compromises," Dijsselbloem told reporters, "It requires further steps from Greek side."

Christine Lagarde, Managing Director of the International Monetary Fund (IMF), expressed some cautiously "flexibility" before the talks, saying: "The IMF has an obligation vis-a-vis its 188 members to agree plans that are credible, but we are always flexible. If there are good proposals on the table that are substantial, we are prepared to examine it."

Meanwhile, Greek Finance Minister Yanis Varoufakis insisted on his stance, refusing to accept the certain reform demands, referring the pensions.

"For the euro to succeed anywhere, it must succeed everywhere," Varoufakis cited the words from Mario Draghi, the president of the European Central Bank as he entered the talks. "Today we are going to be presenting the Greek government's ideas along those lines. The purpose is to replace costly discord with effective consensus."

On June 30, the extension of Greece's second bailout expires. Without a deal by then Athens may not cover a 1.5 billion euro (about 1.7 billion U.S. dollars) loan installment payment to the IMF due by the same day. The country will risk a default and exit from the euro zone. Endit