The European Union has expressed confidence that Greece and its creditors will take steps to keep the country solvent and in the Eurozone.
The EU's top financial official, Pierre Moscovici, held talks with Greek Finance Minister Yanis Varoufakis in Brussels Tuesday, as Athens’ May 11 deadline to make a nearly $1 billion repayment to the International Monetary Fund approaches.
However, German Finance Minister Wolfgang Schaeuble said he was skeptical that the issue would be resolved in time.
Greece has stepped up its diplomatic efforts to prevent a potential default - with top Greek officials shuttling throughout Europe for talks with German and European Central Bank counterparts.
The international creditors have demanded the Greek government implement economic reforms and budgetary measures in order for them to unlock the remaining $7.7 billion in its bailout fund.