With time running out for Greece - all reports from Brussels suggest that since reform proposals were rejected on Wednesday both sides have hardened their opposing stances.

Here’s the hypothetically timeline to save Greece from a default:

• After 3 meetings in 7 days - Finance Ministers will meet again on Saturday.

• The Greeks have been told that they need an agreement before markets open on Monday.

• Meeting that deadline would require an emergency meeting of the Greek parliament on Sunday to approve new reforms.

• A deal would then need to pass a vote in the Bundestag in Berlin on Monday - to be enacted by Tuesday when the IMF payment is due.

But - Alexis Tsipras faces a split in Syriza if he tries to impose more austerity - and Angela Merkel faces a possible backbench revolt if major concessions are made to Greece.

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Things are looking more positive in the US - after sluggish figures for the first quarter of 2015 consumer spending grew at its fastest rate in nearly 6 years during May.

Spending by Americans increased by 0.9% - this was up from a 0.1% bump in April.

Analysts had expected growth of closer to 0.5%.

This consumer confidence is expected to continue through the summer months. It could help to push the Fed towards an interest rate hike in September.

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It was revealed earlier in the week that the EU’s competition authority has raised some concerns about IAG’s bid to takeover Aer Lingus.

The Commission has acknowledged in a statement that it has received concessions from IAG - but it hasn’t elaborated on what the concessions relate to.

IAG has said that “it would be inappropriate” to offer further details.

Competition for London Heathrow slots is understood to be Europe’s main concern.

The EU has until July 15th to decide if it will allow the sale.

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Setanta Insurance creditors will meet in Malta today. The company went into liquidation in April of last year and it has become embroiled in a legal battle to determine the level of compensation which will be paid to its former-customers.

The dispute centers on whether the Motor Insurers’ Bureau of Ireland is liable for claims against the Maltese-registered company.

The liquidator of Setanta Insurance told the Oireachtas finance committee in April of this year that it expects the sale of the insurer’s assets to cover just 30% of the cost of claims.

The scope for progress at today’s meeting is limited - but we could have a better idea of status of the company’s liquidation by the close of business.