Finance ministers in the euro have scheduled an emergency meeting in Brussels tonight in a move giving rise to hopes a deal can be struck on the Greek rescue talks.
The Greeks missed yet another deadline on resolving their debt crisis last night as the self-imposed 5pm targeted time came and went.
The Greek Prime Minister, Lukas Papademos, had been locked in talks with the political parties supporting his caretaker government. However, the failure to reach a deal led to disappointment last night.
Thomas Steffen, Germany's deputy Finance Minister, said: "I believe we can say today that we have made little progress on Greece since 2010."
The mood was further dampened by reports that the European Central Bank's policymakers remained deeply divided over how much the ECB should contribute to a restructuring of the sovereign debt.