In an emergency Saturday meeting, eurozone finance ministers have concluded that "under certain conditions", the latest Greek bailout proposal "may provide" a basis for negotiation.

Greece requested another €53.5 billion, but the IMF said that would not be enough. An additional €30 billion or so would be needed to recapitalize Greek banks.

Should the offer go through without haircuts, Greece would then have to pay back over €400 billion counting Target2 liabilities. 

Germany and other hard-liners including Ireland remain skeptical. Nonetheless, Greece Clears First Hurdle to Avoid Grexit.

Greece has cleared the first hurdle in its attempt to stay in the eurozone after the bloc's bailout monitors gave the go-ahead for negotiations over a future rescue programme.

The so-called "institutions", which consist of the European Commission, European Central Bank and IMF, said that the Greek proposals could be a "basis" for a new bailout programme under "certain conditions", according to two officials.