Eurozone finance ministers will meet on Tuesday in order to discuss the situation in Greece. Despite high expectations for a final decision on the Greek bailout, German and Dutch officials have been signalizing on Monday that most probably no definite agreement will be reached.

Germany's deputy finance minister Steffen Kampeter declared in the European afternoon: “If there is no decision tomorrow evening (on Greece), then it will come later. If it is possible we will make a decision this week.”

Meanwhile, the Greek government has been implementing last minute reforms required by the Troika, These include a revision of the tax system, the creation of a committee to supervise budget execution and stepping up of privatizations.

Weidmann: Essential to separate ECB's banking supervisor role from monetary policy mandate

Germany's Bundesbank chief Jens Weidmann warned on Monday that the European banking union poses a risk of creating a conflict of interests between banking supervision and monetary policy.

"Both areas must therefore be strictly separated," Jens Weidmann said, speaking at the Euro Finance Week in Frankfurt. "This separation is doable, but difficult - difficult from an organizational viewpoint and difficult from a legal viewpoint."

The Buba head, who is also a member of the ECB Governing Council, called for imposing a limit on bank exposure to government debt and urged banks to support their government debt holdings with sufficient capital.

Jens Weidmann also pushed for “voting weights based on capital shares” at the ECB which implies giving Germany a stronger voice in the banking union.

ECB's Asmussen calls for a 2-year funding extension on Greece

Joerg Asmussen, member of the European Central Bank, told German broadcaster ZDF over the weekend, EU leaders should agree on a 2-year loan extension for Greece, with any additional funding plan to be decided at a later stage, confirming the broadly-held view within the EU of 'kicking the can down the road', a position not marrying too well with IMF Director Christine Lagarde, who has been repeatedly calling for a long-standing comprehensible plan.

Reuters quoted Joerg Asmussen, cited by German broadcaster ZDF, as saying: "We should next week settle the financing for the years 2013 and 2014, but you have to be honest and say we do not really expect the country to have access to markets in 2015 and 2016; that means a follow-up programme would be necessary."

In an exclusive interview for Reuters, Ms. Lagarde said she remains driven by two objectives. Firstly, "to build and approve a program for Greece that is solid, that is convincing today, that will be sustainable tomorrow, that is rooted in reality and not in wishful thinking." Secondly, "to maintain the integrity, credibility and quality of advice that we are giving, not for the Fund itself, which obviously is a concern of mine, but to lend that to the Europeans because that is what they are interested in."

Meanwhile, German Finance Minister Wolfgang Schaeuble told German-based ARD television, the time to find a common approach has come, and it has to be on Tuesday. "We are working intensively, and I think that we will manage it" he said.

Despite the fact that Greece passed yet another austerity bill through parliament earlier this month, the depression the country is trapped into makes it difficult to think that a previously agreed disbursement of funds will be enough, and market headlines are starting to speculate that another round of debt haircuts - losses on creditors - is necessary in order to maintain the Greeks in life support for a bit longer, and avoid to exacerbate its dire economic situation.