Greece is seeking to persuade its creditors in Europe that it has done enough to receive another chunk of bailout loans and a commitment on alleviating Athens' hefty debt burden.

Greece heads to another round of negotiations today after dropping key demands for a bailout settlement.

Investors participating in a deal to slash Greece's massive debt would face an overall loss on their bond holdings of more than 70%, it emerged toda

World finance ministers are believed to be making preparations for the Greek government to default on its debts.

A European debt deal is "attainable" at an emergency EU summit this week, Greece's finance minister has said, signalling progress in talks between governments and private bond holders in drawing up a new rescue deal.