This week, Greece said it had emptied an IMF holding account to repay 750 million euros to the global lender on Monday – highlighting the grim state of the country's financial position.
Economic data published on Wednesday meanwhile showed that the Greek economy, which last year escaped six years of recession, slipped back into negative growth in the first quarter as political turmoil took its toll.
"It is obvious that Syriza was elected into office with a strong mandate to push hard against the troika (of lenders), as such arguably, they have painted themselves into a corner and now they need to come out of that corner," Reinhard Cluse, chief European economist at UBS, told CNBC.
"And that means they need to make concessions and this will be very delicate from a domestic political perspective because they might lose credibility with their own electorate. It might expose the government's own party to frictions," he added.
Read MoreGreek drama? More like 'The Kardashians': Analyst
Talks between Athens and euro zone negotiators have been deadlocked for months and analysts say time is now running out for the beleaguered country. A failure to secure a deal could precipitate a sovereign debt default and possibly Greece's exit from the euro zone.
Mujitaba Rahman, an analyst at consultancy firm Eurasia Group, said in a note published two weeks ago that Tsipras may be able to win support for a deal by agreeing only partial pension reform in the weeks ahead.
But he added that the real test may come in June. By then Greece will need more funds and will have to introduce more comprehensive reforms, which many members of his government would find difficult to back. The option of a snap election, while ruled out by Tsipras, remained on the table, Rahman said.