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Best outcome from Brussels meeting on Greece crisis? No breakdown in talks

As eurozone finance ministers head to Brussels on Monday in an attempt to break the standstill on Greece's debt crisis, the best outcome of the meeting would simply be an agreement to continue meeting, experts said.

Many observers have commented that breaking the deadlock during the Feb. 20 meeting is a long shot — a sentiment shared by Gabriel Stein, managing director for developed markets research at 4CAST-RGE.

"This is a complicated issue. There are strong feelings on all sides, there are politics involved and crucially, no decision is necessary until July and I think the best we can hope for is no breakdown in talks and an agreement to continue talking," Stein told CNBC's "Rundown."

Greece's debt crisis returned to the limelight after another impasse with its European creditors and the International Monetary Fund (IMF). Creditors demanded further reforms but further austerity is a difficult sell in economically-ravaged Greece.

To complicate matters, the creditors said there will be no bailout deal unless the IMF participates. The IMF, however, has said it wants to see more debt relief and easier targets for Athens before committing — requests that do not appeal to the European creditors.

"There's a fundamental gap between the IMF, who notes correctly that the Greek debt is unsustainable, and the European creditors who do not wish to renegotiate the debt," James Galbraith, economics professor at University of Texas, told CNBC's "Street Signs" on Monday.

"The IMF would like the Europeans to buy them out, but the Europeans need the IMF to enforce the economic program on the Greeks. In addition to that, the IMF is utterly unwilling to face the reality that its program is a disastrous failure; instead it keeps saying the problem is only that it hasn't been applied with sufficient zeal," he said.

However, German finance minister Wolfgang Schaeuble has projected that the IMF will participate in the bailout package, saying that the fund had, in 2015, said it would be involved if Greece fulfilled its reform targets.

The latest development on Greece's debt problems comes amid an increasingly volatile political environment in Europe, which threatens the stability of the eurozone.

"For the countries that have joined the euro, the euro is presented as the ultimate goal, the way of the future, the single future. If a country were to leave the euro, it would be a sign that it ain't necessarily so, in other words, it breaks the taboo," said Stein.

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