1st LD: Greek debt deal possible in this week: Eurogroup President

Eurogroup President Jeroen Dijsselbloem said on Monday that Greek debt deal is possible to be reached this week after institutions' full in-depth assessment of the Greek proposals later.

Greek new proposals were welcomed and seen as a positive step in the progress, Dijsselbloem said in the press conference after the Eurogroup meeting.

Noting that the time is inadequate for the institutions to access the proposals, Dijsselbloem said more technical works were needed to go into the proposals.

"It's possible to reach an agreement later this week," Dijsselbloem said, adding "another Eurogroup meeting will be held this week if all goes well".

European Commission Vice-President Valdis Dombrovskis confirmed there'll be another Eurogroup this week through his twitter.

"Greece proposals a welcome step but more work together with institutions needed. Eurogroup to reconvene this week. We need a deal in coming days," he said in his twitter feed.

Monday was widely seen as a decisive day for Greece to avoid default. The crucial Eurogroup meeting may be the last opportunity for Greece and its international creditors to bridge the gaps over debt talks.

Talks over Greek debt issue have been in deadlock for five months. The European Commission, the IMF and the European Central Bank (ECB) are unwilling to unlock the final 7.2 billion euros (8.2 billion U.S. dollars) tranche of bailout funds until Greece agrees to economic reforms.

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 loan installment payment to the IMF due by the same day. The country will risk a default and exit from the euro zone. Endit