Germany's Schaeuble sees deal on Greece in 'some days'

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Greece's prime minister said that if a breakthrough on plans to pay Athens the next bailout installment fails to materialize over the next days, the eurozone should hold a special summit of government leaders.

"If the eurogroup is not in a position to (reach an agreement) on Friday, I have asked President Tusk to convene a eurozone summit to achieve an immediate agreement", Tsipras said.

Greece is on its third bailout from euro zone governments since 2010.

The measures will include pension cuts in 2019 worth 1 per cent of Greece's gross domestic product, and an increase in tax revenues in 2020 worth another 1 per cent through broadening the tax base.

Greece is seeking to get an agreement so its next batch of bailout funds can be released so it can make upcoming debt repayments, avoid bankruptcy and a possible exit from the single currency bloc.

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Greece has depended on worldwide bailouts since 2010 after it was unable to borrow on global bond markets.

Alexis Tsipras said negotiators are "just a breath away" from an agreement at Friday's scheduled meeting in Malta of the so-called eurogroup, the gather of finance ministers from countries that use the euro.

The IMF agreed that progress has been made in recent weeks but that a number of issues still needed to be addressed. "Most Directors agreed that Greece does not require further fiscal consolidation at this time, given the impressive adjustment to date which is expected to bring the medium-term primary fiscal surplus to around 1½ percent of GDP, while some Directors favored a surplus of 3½ percent of GDP by 2018", the International Monetary Fund statement said.

Athens must reach an accord with creditors to receive help to make around EUR7 billion ($7.5 billion) in debt payments in July.

The latest review has dragged on since the middle of a year ago because of differences over pension and income tax reforms that some lenders believe Greece must undertake to put its finances on a sustainable footing.

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"I think the biggest stretch of the road is behind us", Schaeuble said. In a proposed compromise discussed on Tuesday, Greece would reduce its pension outlays by 1% of gross domestic product in 2019 and lower its tax-free threshold in 2020 by a similar amount, according to three European Union officials with knowledge of the talks.

"The Greek economy is ready to leave the crisis behind it".

The Greek economy and investors need an agreement that all the euro area can sign up to, European Economics Commissioner Pierre Moscovici told reporters as the meeting got under way.

His leftist-led coalition has just 153 MPs in the 300-seat parliament, which would make it hard for Tsipras to push through another package of unpopular austerity measures.

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