The Greek Prime Minister, George Papandreou and the German Chancellor, Angela Merkel are to hold talks later today to discuss the Greek progress in cutting spending and reducing the budget deficit, where the meeting comes in the time lawmakers are reviewing the possibility of handing Greece the next tranche of 2010's bailout package.

In attempts to overcome the debt crisis once and for all, European leaders are looking for common ground, yet divisions between members in the European Union on the mechanism of how to solve the debt crisis are still not found.

According to European Union's officials, no major plans had been set in the G20 meeting during the weekend; however, several proposals were on the table, where a 50% write-down of Greece's debts, strengthening major banks in Europe that could suffer from a Greek default and finally boosting the size of the euro zone aid fund were the grand mentioned proposals.

Regarding the third proposal, the German finance minister, Wolfgang Schaeuble said that we are giving it the tools so it can work if necessary, but then we will use it effectively, but we do not have the intention of boosting its volume.