A decisive Euro Working Group teleconference that was planned for Wednesday afternoon may not take place after all, as reports suggest that significant differences have emerged among all sides.

Earlier in the day it was reported that the Alternate Minister of Finance Giorgos Houliarakis will represent Greece at the critical EWG teleconference scheduled for Wednesday, ahead of Monday’s extraordinary Eurogroup session.

Although there have been doubts as to whether an agreement between Greece and its creditors can be reached in time, European sources have underlined that there is a «50-50 chance».

Should an agreement be reached on the architecture and legislative nature of the contingency measures demanded by the IMF, then the institutions will return to Athens to resume negotiations.