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Greece Loan: 'Wide Differences' Remain On Deal

The head of the so-called eurogroup of finance ministers has admitted "wide differences" remain on securing a loan deal for Greece, to keep it from a possible default.

Dutch finance minister Jeroen Dijsselbloem was speaking after a meeting in Latvian capital Riga involving his 18 counterparts, including Yanis Varoufakis of Greece.

Mr Varoukakis is under pressure to come up with a comprehensive list of economic reforms that are demanded of Greece if it is to get vital loans to avoid going bankrupt and defaulting on its debts.

Such a scenario would force the country to leave the single European currency and spark financial turmoil, especially in Greece.

Mr Dijsselbloem told reporters time was running out for Greece to secure the money, adding that "significantly more progress" was required from Athens following weeks of painful negotiations.

Greece has until the end of the month to agree reforms with its creditors in exchange for €7.2bn (£5.15bn).

Mr Dijsselbloem ruled out the prospect of the creditors, which are the European Union, European Central Bank and the International Monetary Fund, considering a half-way deal that could give Greece part of the money.

Mr Varoufakis conceded there were differences that still needed to be bridged but insisted that a deal "will happen and will happen quickly, as it's the only option we have."

He also sought to counter suggestions that talks had not advanced, insisting there had been progress on issues such as privatisation, reforming the tax system, the judiciary, the bureaucracy and product markets.

"We look at the last few weeks and what we see is convergence," he said.

The minister, who took over the role in January after the anti-austerity Syriza party was swept to power, said the main sticking points related to pensions and the budget surplus Athens has to post after debt and interest payments are stripped out.