Welcoming the progress that has been achieved in the negotiations between the Greek authorities and its creditors, according to its statement on May 11, the Eurogroup notes: “We welcomed the progress that has been achieved so far. We note that the reorganisation and streamlining of working procedures has made acceleration possible, and has contributed to a more substantial discussion”. It points out however that more time and efforts are necessary to bridge the gaps on the remaining issues.

At a press conference following the meeting, Eurogroup head Jeroen Dijsselbloem remarked that the reorganisation of the negotiating process between the Greek authorities and the institutions is more efficient, more positive and “we are making faster progress.” He reiterated that the February 20 agreement remains the framework for the negotiations and that a comprehensive deal is necessary before any disbursements can take place.

EU Economic and Monetary Affairs Commissioner Pierre Moscovici said there’s a clear improvement in the climate, however, a lot of issues remain to be resolved. "There’s no time to lose," he added.

A final agreement with Greece’s lenders is likely to be achieved within the next two weeks, Finance Minister Yanis Varoufakis said yesterday, adding that differences with the institutions have been significantly reduced.