View of the Acropolis in Athens. Photo: Wikipedia Commons

Greece’s future hangs in the balance as euro zone finance ministers and the International Monetary Fund meet Monday to decide on debt relief, reports Reuters.

Should the parties fail to come to a deal, no new loans can be extended to Greece. The loans are essential to Athens repaying 7.3 billion euros of loans set to mature in July.

“The chances of a deal are 50-50. We have done pretty good preparations, I can express a hope there will be an agreement, but it is an assumption, not a forecast,” a senior EU official involved in preparations was quoted by Reuters as saying.

Germany has led a coalition of euro zone countries pushing for IMF involvement to balance what some argue is an overly lenient approach from the European Commission. There is also push back from this faction against any firm commitment to debt relief, which some say would remove incentive for Greece to continue reforms.