European Parliament President, Martin Schultz says that he expects Greece to strike a deal with its European partners within the next week to release new emergency funds to the country.
Mr Schultz said, "I think by the end of this week a new deal will be reached that should be sufficient to release the most urgent financing." Greece is due to pay €465m to the IMF on April 9th.
The Greek government has said that it will present detailed reform proposals on Monday "at the latest" as it hopes to secure money to service its debts.
Greek Prime Minister Alexis Tsipras met with German Chancellor Angela Merkel yesterday - although nothing concrete came from the meeting, the pair presented a united front during the post-meeting press conference.
"I believe points of convergence were found," said Mr Tsipras.
Irish Times European correspondent Suzanne Lynch spoke to Newstalk Breakfast, she said that there appeared to be "genuine warmth" between the leaders - despite the discussion of Greece's recent pleas for World War II reparations.
According to the German newspaper, Frankfurter Allgemeine Sonntagszeitung a report from the European Commission forecasts that the Greek government only has enough money to run the country for less than two weeks.
Both Greece and the EU will hope to reach an agreement in the coming weeks - this will buy time before the country's next major repayment in the middle of the summer.
