International Monetary Fund chief Christine Lagarde and the eurozone's 19 finance ministers meet in Luxembourg with hopes riding high that the talks will secure the release of the latest tranche of Greece's 86-billion euro ($97 billion) bailout agreed in 2015.
Greek finance minister Euclid Tsakalotos said the agreement would allow market access "in due course". "With unity and determination we move forward [to achieve] fair growth and heal the wounds of the crisis", Tsipras said in a tweet after midnight.
German opposition politicians also criticised Schaeuble by honing in on the fact that the International Monetary Fund is likely to participate in the third bailout, but will only disburse any loans when debt measures have been clearly outlined.
Given that the Greek government has delivered on a wide array of economic reforms that were required for the payout of the next installment of rescue loans, there appears to be little doubt that the country will be cleared to get its next batch of bailout funds.
Greek President Prokopis Pavlopoulos also called on the euro zone finance ministers to spell out concrete measures to reduce the Greek debt burden.
The IMF contribution to Greek bailout coffers is expected to be limited, but European governments see the IMF as a tough broker that will push Athens for reforms and lend the country's bailout electoral credibility.
German Minister of Finance Wolfgang Schäuble was far more aggressive with Greece when a right-wing government was in power than the left-wing Syriza-led coalition, New Democracy's Konstantinos Kyranakis told EURACTIV.com, adding that the European People's Party did not work as an alliance during those days.
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"There won't be a figure that rolls out. the figure will only come at the end of the programme", he said.
J.P. Morgan's Marco Protopapa and Aditya Chordia said Greece's "expectations, strongly linked to (governing party) Syriza's desire to receive a major political boost to a faltering electoral support, have long proved excessive".
"We have been as constructive as possible while still respecting our principles because we are committing money from the global community", Lagarde, a former French finance minister, said in defence of the fund.
IMF head Christine Lagarde told the media she will propose to the fund's board "a stand-by arrangement for Greece" in the form of further financial assistance, which will not exceed the amount of $2 billion.
In an article written for France's Le Monde and Germany's Die Welt, Alexis Tsipras said dealing with Greece's debt, which stands at about 320 billion euros ($360 billion) or around 180 percent of the country's annual gross domestic product, was key to future growth. It needs the money to meet roughly 7 billion euros ($7.8 billion) in debt repayments in July.
In Athens, some 1,500 pensioners gathered to protest against more than a dozen rounds of pension cuts since bailout-induced austerity was enforced seven years ago.
"We can't live on 300 euros ($334)!" they chanted, with some waving sticks.