The meeting of the Eurogroup, which gathers together the finance ministers of the eurozone, ended on Thursday without having reached an agreement on Greece.

This was the second meeting of the Eurogroup in less than 24 hours and according to media reports the eurozone finance ministers are likely to reconvene on Saturday.

Both sides presented their reform proposals, but they were not able to reach an agreement and resolve their differences, the Greek Reporter informs.

Therefore, it was decided to suspend the meeting and provide Greece with time to discuss the proposals with its international creditors and present a common proposal to the Eurogroup.

French President Francois Hollande noted that the main difference between the two sides was technical and concerned the means of implementation rather than the measures.

Earlier on Thursday, Greek Prime Minister Alexis Tsipras expressed confidence that a compromise will be reached and Greece and the eurozone will be able to overcome the crisis.

In a similar fashion, European Council President Donald Tusk said that he had a “good hunch” that the talks on Greece will have a happy end.

Greece is in urgent need to negotiate a further bailout from its international creditors before the end of the month in order to fulfill its debt repayment to the IMF, which falls due on June 30.

In order for Greece to be granted the additional bailout of EUR 7.2 B, it will have to agree to carry out certain reforms, otherwise the country risks defaulting and possibly leaving the eurozone.