Greek prime minister Alexis Tsipras is "in constant contact" with finance ministry officials attending the euro group. Aides close to the Greek leader have let drop that both the Spanish and Portugese finance ministers attempted to disrupt the euro group meeting but were overuled.

"It is obvious that a very clear threat was levelled re [the possible closure] of Greek banks," the leading political commentator Alexis Papahelas has just told SKAI news adding that a compromise appeared to be in the offing.

Precisely because Tsipras had made been forced to make concessions, he will face uproar on the domestic front, not least from militants in his radical left Syriza party and disappointed voters.