Despite the danger of a looming default and the consequences that could ultimately have – such as a so-called "Grexit" from the euro zone, Greece has already said this week that it would say "no" to any deal that involved more pension cuts that creditors demand.
On Thursday, Greek Prime Minister Alexis Tsipras reiterated that position, saying that a "blind"insistence on pension cuts – one of the ways the government could overhaul its finances -- would worsen Greece's crisis.
"The pensions of the elderly are often the last refuge for entire families that have only one or no member working in a country with 25 percent unemployment in the general population…Faced with such a situation we cannot adopt the logic of blind and horizontal cuts, as some have asked us to do, which would result in dramatic social consequences," Tsipras wrote in a guest column for German newspaper Der Tagesspiegel.
Read MoreCrisis point: Greek central bank warns of 'Grexit'
Despite the five-month impasse with creditors over reforms, and Greece's financial stability hanging in the balance, even Greece's Finance Minister Yanis Varoufakis, who will be attending the meeting on Thursday, doesn't expect a deal. Speaking to reporters in Paris on Wednesday, saying that a deal would come only when heads of state meet.
If Thursday's meeting fails to make progress on the outstanding gaps between creditor demands and Greece's requirements, there are expectations that an emergency summit could well be held this weekend, although European officials denied the rumors.