Alexis Tsipras survives radical faction as negotiation moves on

Commentaries from both European and Greek counterpart suggests that a deal might be closer. Although some of the European officials have shrugged off such possibilities sighting the gap in the negotiation and hard line taken by Greece over some reforms such as pensions and labor markets.

• Debates over Greece have divided policymakers both in Europe and Greece. Some of the Greek radicals have urged prime Minister to consider exit from Euro. However, Alexis Tsipras, won backing from his radical Syriza party to conclude a bailout deal against opposition from an extreme left faction that warned against giving in against party promises.

Mr. Tsipras stands ready to accept a deal which is viable but not humiliating according to official spokesperson.

Greek officials have been warning against country's cash positions. According to latest country will not be able to honor entire IMF repayment due in June totaling €1.9 billion without a deal.

Officially it would take 30 days to declare default, however payment miss would be enough to rattle markets across the world, whereas a deal would be considered as positive.

Euro as of now, is not focused on Greece, as it trades at 1.09 against dollar, however might turn its sight on the matter as dates close in. First payment date is on June 5 of € 300 million.