Hopes for Greek debt deal in Brussels Monday summit fade, Athens stock market remains upbeat

Expectations of a positive outcome in negotiations between the Greek government and Greece's creditors during Monday evening's euro zone summit in Brussels were once again dashed, according to the latest information from both sides.

After a marathon round of deliberations on all levels from early Monday before leaders take their seats around the table, Greek government sources said that a debt deal "was most unlikely" to be finalized tonight.

However, speaking on camera European interlocutors shared optimism that it could happen later this week on time to avert a Greek financial meltdown and possible Grexit.

After a preparatory Eurogroup meeting on early afternoon, Eurogroup chief Jeroen Dijsselbloem said that the updated draft deal proposal tabled by the Greek side on Monday was in the right direction.

The latest proposed set of fiscal adjustment measures and reforms "could be the basis" to achieve a reform-for-cash agreement in coming days to overcome the five-month impasse before the extended bailout program ends on June 30.

Without a deal Athens would struggle to repay a loan installment to the International Monetary Fund due on the same day.

European Commission President Jean-Claude Juncker and other European leaders assured on Monday that all sides involved are working day and night to finalize an agreement on time.

A new Eurogroup meeting was expected to convene by Thursday according to Greek government sources.

Against this backdrop despite the new delay to seal a solution to the Greek economic crisis, the Athens Stock Exchange remained upbeat. The market closed with an impressive 9 percent rise of the general price index in one of the biggest daily rallies in months. Endit