Greek Prime Minister Alexis Tsipras met with heads of its three main creditors, the IMF, European Commission and the European Central Bank last night, and ended the meeting in the early hours of the morning seeing no real progress.

The two sides are trying to find a compromise between the proposals submitted by Greece at the beginning of the week, and the counter proposals made by the creditors.

A Greek official had confirmed to international media that the IMF was focusing on toning down the tax increases, saying they can hurt businesses. "The official, who asked not to be identified because the talks were ongoing, said creditors are demanding, among other things, a freeze on pensions, scrapping some proposed taxes and surcharges on business, and higher sales tax on some goods".

After last night's talks stalled, an Official from the Greek government said that the Greek government's position remains firm.

A meeting between technical persons from both sides began early this morning, and Tsipras, as well as the heads of the three creditors are said to meet again at 9 am today.

Yesterday, Eurogroup Finance Ministers met for a second time during the week to discuss Greece, however the meeting, like the first, did not last long and no solution was found.

The Ministers are set to meet again this afternoon, ahead of the Summit where the European Council Prime Ministers are meant to discuss, among other things, migration. With the way things are looking however, the upcoming Summit could very well be about Greece.

Greece currently owes over €1bn to the IMF (due on June 30), and should talks go well, then over €7bn in funds will be released to Greece. If no agreement is reached, then Greece will default on it's loan.