The President of the Eurogroup Jeroen Dijsselbloem, the President of the European Commission Jean-Claude Juncker, the General Director of the International Monetary Fund Christine Lagarde and the President of the European Central Bank Mario Draghi have arranged a teleconference to review the latest Greek proposal.

The teleconference between the four, which is scheduled for 2pm (Athens), will be critical in the negotiations with the Greek authorities. While there have been positive comments on the last proposal, there have been some reservations expressed, particularly from German politicians.

Reuters cited Mr. Dijsselbloem who argued that a “major decision” would be taken on Saturday and spoke of a “thorough piece of text”, ahead of a meeting with the Dutch government. The Eurogroup chief added that “broad support in Greece gives it more credibility, but even then we need to consider carefully whether the proposal is good and if the numbers add up”.