Greek bailout monitors from Germany, France and Greece attended an emergency meeting held in Berlin on Monday night. During the summit, led by German chancellor Angela Merkel, officials agreed to work harder over the next few days in order to reach a deal with Greece.
Greece and its international lenders from the euro zone countries and the International Monetary Fund have been striving to reach a deal so the debt burdened country can avoid defaulting on its debt - or worse, leaving the euro zone.
France's Francois Hollande, Mario Draghi of the European Central Bank (ECB), European Commission chief Jean-Claude Juncker and International Monetary Fund (IMF), Managing Director Christine Lagarde attended the late night talks in Berlin.
In the meeting, "they agreed that work must continue with real intensity," said a German government spokesman.
A Greek government official said on Tuesday that even if aid is not released in time a payment will be made on Friday as long as it reaches a deal with its creditors by then.
The cash strapped country is expected to make its first obligatory payment (€300m) for June on Friday. However, Greece has expressed on several occasion that they are struggling to make payments as they do not have enough money left in their funds.
Over the last few months, frustration between international lenders and Greece reached its peak amid slow progression in talks. Thus, the eurozone finally set a deadline of Friday in order to settle the negotiation talks. This also gave institutions and ministers enough time to approve the deal and secure parliamentary backing to release the frozen aid before Greece's bailout expires at the end of June.
"There is no room for more compromises. We are waiting for the other side to assume its responsibilities," Labour Minister Panos Skourletis told Greece's Skai TV, adding it was now time for a "political" solution to the crisis.
As Greece nears crunch point, dilemmas continue to emerge. On Monday the ruling leftist Syriza party objected to the choice of Elena Panaritis representing Athens at the International Monetary Fund.
More than 40 leftist party lawmakers signed an open letter at the weekend, urging the withdrawal of Panaritis.
In the letter they stated that “her political background is completely at odds with the values, perceptions and policies which Syriza represents...This a wrong decision.”
In response, Panaritis stepped down from the duty. In her written resignation letter she said “I never asked for that position, I accepted it only because I wanted to help the Greek government.”