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The International Monetary Fund (IMF), European Union and European Central Bank (ECB) are "waiting patiently" for Greece to present their proposals, but time is running out, German Finance Minister Wolfgang Schauble stated as he arrived in Luxembourg on Thursday. The Eurogroup meeting is seen as the last chance for Greece to resolve its debt crisis and avoid bankruptcy. Schauble said the participants are "very optimistic" but also reiterated that it is "up to Greece to fulfil what has been agreed." Greek Finance Minister Yanis Varoufakis seemed rather pessimistic about the meeting at first, but upon his arrival he hinted that Greece may have a new proposal for today's meeting after all. The Greek government and its three lenders, the (IMF), EU and 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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