Werner Faymann

Greece needs to work on a five-year plan with its creditors and European Commission President Jean-Claude Juncker in principle agrees on this, Austria's Chancellor Werner Faymann told reporters on Tuesday.

European governments came under increasing pressure April 21 to tackle the Mediterranean's migrant crisis ahead of an emergency summit, as harrowing details emerged of the fate of hundreds who died in the latest tragedy.

Austrian Chancellor Werner Faymann stated that the negotiations and talks on Greece’s future in the Eurozone must have an immediate and positive ending.

His statements followed the Austrian FinMin’s statement, who said that a Grexit is now very possible.

Finland holds firm

Finnish Finance Minister Antti Rinne told Frankfurter Allgemeine Zeitung that the decisions are clear and that Greece “will get extra money only when the reforms are not just decided upon but also implemented.”

Prime Minister Alexis Tsipras has begun a series of contacts with European leaders and officials aimed at breaking down the wall of distrust against Greece, evident by the European Central Bank's (ECB) refusal to include Greece in its  funding scheme.

Austrian Chancellor Werner Faymann expressed his estimation that a solution for Greece during today’s Eurogroup teleconference, will be found.

According to Mr. Faymann, it is clear that the loan agreement will be extended for four months.

European Parliament President Martin Schultz met with Austrian Chancellor Werner Faymann in Vienna, where the former reiterated that, as a matter of respect, the new Greek government should be given a chance.

He also said the German FinMin’s quick reaction to the proposal was “surprising”. Schulz reiterated that Yanis Varoufakis’ proposal to the EU partners does not lack substance.

By Karl Stagno Navarra, Alessandro Speciale & Mark Deen

Greece edged closer to a euro exit after the currency region's finance ministers said there will be no more talks on financial support unless the Greek government requests an extension of its existing bailout program.

Prime Minister Alexis Tsipras said on Monday that he is ?very optimistic? that an agreement with the eurozone can be found, starting with Wednesday?s Eurogroup.

"It's in everyone's interests to reach mutually beneficial solution,? he said after meeting Austrian Chancellor Werner Faymann in Vienna. ?That's why I am very optimistic"

Prime Minister Alexis Tsipras has travelled on Monday to Vienna to meet with Austrian Chancellor Werner Faymann. The meeting was arranged at the invitation of the Austrian chancellor and is scheduled to take place at 13:00 (Athens time).

The Greek Prime Minister is expected to be briefed on the Austria's employment policy and to return to Greece on the same day.