The possibility of an extraordinary Eurogroup on Thursday to discuss the Greek bailout program review has been ruled out by Eurogroup spokesperson Michel Reijns, who tweeting that “more time [is] needed”.

It appears that the institutions quartet in Athens had a teleconference with the Eurogroup chairman Jeroen Dijsselbloem on Tuesday, to determine whether an extraordinary Eurogroup could take place. The Finance Ministers of other EU members may also have participated in this teleconference.

This development came after the negotiations between Greece and the institutions reached an impasse on Tuesday over the legal form of the contingency measures. Greece insists upon a mechanism, while the institutions and IMF in particularly, demand specific measures.