Greek economy minister George Stathakis suggested negotiations were looking positive and expressed confidence that a deal will be reached at a summit of European leaders on Thursday.
"The deal is very close," he told private Mega television, adding that "there are two or three very specific issues, and as you appreciate it's the last part, three out of the fifty measures that have been agreed," he said. These "two or three" items that remain to be settled include a long-term debt relief and a 30 per cent hike on VAT on the Aegean islands.
The Finance Minister expressed confidence that the IMF would be 'flexible' if the 1.6 billion euros payment due on June 30, is delayed for a few days.
Concessions offered in recent days by Greek Prime Minister Alexis Tsipras, including hikes to tax and pension contributions, have garnered a cautious welcome from euro zone leaders but triggered a furious reaction from some leftists in the ruling Syriza party.
However Stathakis suggested that an agreement on the latest proposals from Athens would be accepted — before a June 30 deadline — by Greece's governing leftist party, despite objections expressed by some Syriza MPs.
"I think this balanced deal is defensible to Syriza, and in Greek society too," Stathakis said further adding that there will be one complete agreement and no partial deals.
"The agreement will cover the set of measures for this year and 2016 and the way that the funding gap will be covered in combination with the debt issue," he said.
Asked on the amount of aid Greece would need, the minister said:
"If one leaves the debt as is, there may be a need for 30 billion euros, If the debt issue is tackled, the (funding) need may be 10 billion euros."