German Chancellor Angela Merkel has sounded a note of caution on the latest set of financial reform proposals from the Greek government.
While EU president Donald Tusk had sounded a positive note earlier today, Merkel, under pressure from the German people, was more equivocal.
"After the Eurogroup meeting there is no basis for a decision, so this can only be an advisory summit," she said. Her finance minister, Wolfgang Schaeuble, a hardliner on Greece, earlier told reporters he had seen nothing new from Athens.
But other leaders sounded more upbeat. French President Francois Hollande told reporters: "I hope the work conducted in the past few days by Greece and the institutions lays the foundation for an agreement that should be reached as soon as possible. There are improvements, even if not everything has been resolved."
Greece has blinked first - but is it enough to save the country from bankruptcy?
Thousands of pro-euro demonstrators have gathered in Athens as negotiations appear to be moving Greece close to a bailout deal.
There has been optimism before, but new external pressures may now force a deal over the Greek debt crisis, writes Richard Edgar.