European Stability Mechanism head, Klaus Regling has stated that Greece has little time to convince its creditors of the necessity for additional funding.

"There is little time left," Regling said in an interview for German newspaper Bild. "That's why we're working day and night for an agreement. Without an agreement with the creditors, Greece will not get any new loans. Then there's a threat of insolvency. There are a lot of risks contained in that."

The Greek government has rejected the auterity policies that have been deemed necessary by the Troika creditors - International Monetray Fund (IMF), European Central Bank (ECB) and the European Financial Stability Facility ( EFSF).

Nationalistic SYRIZA government led by Prime Minister Alexis Tsipras has expressed its willingness to implement reforms, but has not agreed on decreasing pensions and salaries. Meanwhile, a number of a analysts believe that the country is running the risk of default and is not even able to repay the first portion of its debt EUR 300 M) due June 5.

On the other hand, Regling noted that it would be possible for Greece to secure an additional EUR 7.2 B in funding in case a deal is reached on the exact reforms needed. He noted that in his opinion the sum would be spread evenly among the three main creditors.

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