Jorg Asmussen, a German member of the European Central Bank (ECB), has said that he supports a two-year loan extension for Greece although a follow-up funding plan will be needed.

International Monetary Fund (IMF) Managing Director Christine Lagarde, on the other hand, wants a more comprehensive and longer-term plan to be put in place now, calling for a "real" agreement instead of a fast agreement.

Investors remain alert to whether the European Union will unblock the next tranche payment of the Greek bailout. Hopes are for a decision to be reached at Tuesday's extraordinary meeting between Eurogroup finance ministers and IMF representatives. The two international creditors must settle their differences.

Asmussen said: "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."

If he gets his way, the handling of Greece's long-term debt sustainability would have to be revisited after next year's German elections.

Some market players speculate that a new round of debt haircuts will be necessary in order to keep Greece afloat. Klaus Regling, head of the European rescue fund, told German paper Handelsblatt that it is practically inconceivable that European governments absorb Greek losses.

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