The purpose of the Eurogroup meeting is "to replace costly discord with effective consensus," Greek Finance Minister Yanis Varoufakis said as he arrived in Luxembourg on Thursday. The meeting is the last chance for Greece to resolve its debt crisis and avoid bankruptcy. Originally Varoufakis seemed rather pessimistic, saying the Eurogroup meetings are not designed to enable new proposals. However his statement upon arrival has led to speculations that the Finance Minister may have some new ideas to bring to the table after all. Quoting President of the European Central Bank Mario Draghi, Varoufakis said the European Central Bank president was "spot on" and that Greece will present its "ideas along those lines." The Greek government and its lenders, the International Monetary Fund (IMF), European Union and European Central Bank (ECB), are currently in deadlock over the last installation of €7.2 billion ($8.1bn) in rescue funds. Greece still owes 1.6 billion euros ($1.8 billion) to the IMF, which is due to be re-paid at the end of June. The Eurogroup members are hoping to reach agreement in the Luxembourg meeting, thus preventing Greece from bankruptcy and a possible Grexit, the term coined for Greece's potential exit from Europe.
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