European Commission spokesman Margaritis Schinas told reporters in a daily news briefing on Friday: "we are confident a deal is possible if everyone is reasonable, but we are not there yet."
Schinas’s comments came on the same day as Eurozone finance ministers gathered in Brussels to discuss Greece’s €240 billion ($274 billion) bailout, which expires on Feb.28.
Germany turned down on Thursday a request from Greece for an extension to its bailout, saying the submitted proposal did not meet Eurogroup "criteria."
Dutch junior finance minister Eric Wiebes told reporters in Brussels ahead of the meeting on Friday: "the Netherlands agree with Germany that the letter gave insufficient guarantees to ascertain that the Greeks are ready to live up to all the requirements."
"We will ask Greeks to make it clearer. From this session we will see whether the Greeks are ready to live up to all the requirements. If that is the case we can talk about an extension,’’ Wiebes added.