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A number of officials arriving for the Eurogroup meeting, such as Eurogroup chair Jeroen Dijsselbloem, spoke of a fundamental lack of trust after years of broken Greek promises and a snap referendum called by Greek Prime Minister Alexis Tsipras.

"We are not there yet, both on substance - there is still a lot of criticism on the proposals, on the reform side, on the fiscal side and there is of course a major issue of trust. Can the Greek government be trusted to actually do what they are promising, to actually implement in the coming weeks, months, years? "

Greece submitted its formal request to the European Stability Mechanism on Wednesday, asking for a three-year loan from the bailout fund.

The country then submitted a detailed package of reform proposals to the Eurogroup on Thursday night, pledging to carry out a new package of comprehensive reform measures promptly.
　　
A positive assessment of the Greek proposals delivered by the European Commission, European Central Bank and International Monetary Fund late on Friday, along with bullish comments from Athens' key euro zone ally France, had raised expectations that the Eurogroup would give a green light to new loan negotiations.

But even French Finance Minister Michel Sapin, Greece's most powerful ally in the euro zone, said that the Greek government had to "re-instill confidence".

"It's up to the Greek government to bring information to re-instill confidence, which has not been damaged by this government, but by every Greek government over many years which have sometimes made promises without making good on them at all. Today we need to have confidence again, to have certainty that decisions which are spoken of are decisions which are actually taken by the Greek government."

Greece's parliament backed the government early Saturday to carry out the new package of reform measures with 251 votes in favor versus 32 against.

If the Eurogroup agrees to open negotiations, a planned emergency summit of 28 European Union leaders set for Sunday may be cancelled.

Otherwise, if the finance ministers couldn't reach an agreement on renegotiation, Athens has a last chance trying to persuade leaders on Sunday to open negotiations.

Without a debt deal in the coming hours, Greece will face a financial collapse and a Grexit. Greek banks have been closed for the past two weeks and are running out of cash while the country's economy is suffering from capital controls.

Greece has been in arrears to the IMF since July 1 and faces a 3.5-billion-euro debt repayment to the ECB on July 20.

For CRI, I'm Wang Mengzhen.