Greece appeared no closer to a reforms-for-aid deal after the country's finance minister met with his euro zone counterparts on Friday.
After the talks, which took place in Latvia's capital city of Riga, the president of the Eurogroup of euro zone finance ministers issued a stark warning to Athens.
"A comprehensive and detailed list of reforms is needed," Jeroen Dijsselbloem, told reporters.... "We are all aware that time is running out."
According to sources that were present at the meeting, the discussion with Greece lasted little more than an hour and Dijsselbloem warned that the remaining 7.2 billion euros in frozen funds would be unavailable after June.
After the meeting, Greek Finance Minister Yanis Varoufakis stated that Athens was willing to make compromises to reach a deal and that "the cost of not having a solution would be huge for all of us, Greece and the euro zone."
Compromise Difficult
Finding a compromise between Greece and the bodies which have overseen its two bailouts—the International Monetary Fund (IMF), European Central Bank and European Commission—over required reforms is proving difficult, despite numerous meetings on the issue.
Lenders want Greece to implement far-reaching pension and labor market reforms, as well as implement privatization programs and more cost-cutting measures. However, Greece's leftwing government, which was elected in January in large part because of its opposition to austerity measures, is strongly resistant to doing so.