Multi-speed Europe

The level of deposits in Greek banks dropped by 12.2 billion euros in January, leaving 155.5 billion euros in the vaults, according to the ECB.

This reduction is attributed to political uncertainty ahead of the Jan. 25 election and the subsequent clash between the new Athens government and its eurozone creditors.

France sees itself as a link between Greece and its eurozone peers, Finance Minister Michel Sapin told an Austrian paper, reiterating his call for economic policies that can foster growth and boost ultra-low inflation in Europe.

German Chancellor Angela Merkel has asked her conservative Christian Democratic Union to support the proposed extension of Greece's bailout programme in a parliament vote this week, AFP reported on Tuesday.

The eurozone finance ministers earlier in the day approved a four-month extension of the financial rescue programme for Greece after Athens issued a list of reform proposals.

Eurozone finance ministers on Tuesday gave the green light to Greece's reform proposals that will enable extension of the country's bailout programme, VOA reported.

Shortly after the Greek government council ended, the teleconference between Eurozone FinMins began. The Eurogroup teleconference will be deciding on the list of reforms presented by the Greek government.

Jeroen Dijsselbloem, in earlier statements, confirmed that the EC received the Greek government’s proposal late last night, underlining that it is not a “memorandum”.

BERLIN - Germany has received Greece's plans for economic reforms but will not comment on them, a government official said on Tuesday, adding that eurozone finance ministers would discuss the proposals later on Tuesday.

"The list was received yesterday at 23:32. This list is being looked at by the three institutions," the official said.

Following the more-or-less successful Eurogroup conclusion on Friday, Eurogroup head Jeroen Dijsselbloem stated the following:

-       There is hope that in the end we will have a positive result

-       We are talking about trust, and today we took a step forward in the building trust.

-       We are on track

Finance ministers from the 19 eurozone member states were discussing a potential four-month extension for Greece's bailout programme at an emergency meeting in Brussels on Friday night.

The WSJ quoted a Greek official as saying there was "broad consensus" on a common statement by finance ministers.

Eurozone finance ministers have drafted a common text with Greece that Greek and eurozone officials said on Friday could form the basis for an agreement to extend Athens' bailout package.

Officials stressed that there was as yet no formal agreement in the full meeting of the Eurogroup of 19 finance ministers.

Greece and the euro zone are close to a deal on a financing-for-reforms package, a senior Greek official said ahead of a crucial meeting of euro zone finance ministers later on Friday.

The official, speaking on the condition of anonymity, said Greece had made a lot of concessions to reach an agreement and that the euro zone should show some flexibility too.