Eurogroup meeting on Greece to be held on May 9

Eurogroup chief Jeroen Dijsselbloem has informed the Greek finance minister Euclid Tsakalotos that Eurozone finance ministers will meet on May 9 in Brussels to discuss Greece.

European Council President Donald Tusk said on Wednesday that the finance ministers should set a date for a meeting on Greece within days to avoid renewed uncertainty over the country's ability to finance itself.

Political deliberations heated up on Wednesday and Thursday in Brussels. Reactions by Greece's institutional creditors -- Commission, ECB, ESM, IMF -- remained calm after an announcement that a Eurogroup meeting initially set for Thursday, April 28, had been cancelled due to a failure to overcome differences in negotiations over the previous days between Athens and lenders' representatives. 

The main obstacle, and the most recent one, is a demand by creditors -- especially the IMF -- to include a 3.6-billion-euro "contingency package" on top of a 5.4-billion-euro package of tax hikes and pension cuts through 2018. The IMF's top officials have repeatedly stated that they do not believe Athens can meet a 3.5-percent (of GDP) target for a primary budget surplus in 2018. As such, the Washington-based wants a "contingency" package" passed through Parliament and set for automatic activation.

A secondary issue is the fact that European creditors are apparently not ready to put forth a unified positon on the issue of Greek debt relief. 

According to sources in Brussels, as well as "well-placed" leaks to the media on the issue, creditors believe differences can be bridged very soon. 

In terms of the contentious "contingency package", a top institutional source in Brussels who is participating in negotiations said lenders are not asking from Athens to adopt potential measures, "one by one", something that may be legally questionable and politically impossible for the current government at the specific moment.