The Greek government's new proposals to resolve its debt dilemma represent a "welcome step", according to the President of the Eurogroup, Jeroen Dijsselbloem - but are not enough to secure an agreement today .
Dijsselbloem, who was speaking after a meeting of the euro zone's finance ministers to discuss the new proposals, held out the possibility of a reforms for rescue deal later this week.
Calling the proposals "a positive step," the head of the group of euro zone finance ministers said, however, that the Greek delegation was unable to give a "full and in-depth assessment". "Work can start immediately as far as we are concerned," he added
"If necessary, the eurogroup will have meeting later this week to hear final outcome."
Despite the signs of deadline fatigue in the markets, Monday is crucial precisely because there have been so many missed opportunities before. And this may be the last opportunity to halt Greece's course towards defaulting on its debt repayments and eventually leaving the euro.
On Monday, finance ministers arriving at the summit were skeptical about the chance of success, and suggested that the new Greek proposals did not represent enough of a change from those rejected before.
"Without substantial proposals we cannot seriously prepare a summit on Greece," Wolfgang Schaeuble, the German finance minister and a long-time critic of the Greek administration, said on arrival.
"We have wasted a lot of air miles today," Alexander Stubb, his Finnish counterpart, added.
There was added confusion over whether the Greek government had in fact sent the right set of proposals to the finance ministers overnight.