Eurozone finance ministers remain locked in talks aimed at resolving a serious disagreement about a third Greek bailout.

A summit of all 28 EU leaders has been cancelled due to the deadlock, but the Taoiseach is attending a meeting of euro zone prime ministers this afternoon.

Irish sources say that Greek talks were near complete collapse last night before it was decided to resume in the morning in order to let tensions settle.

Trust and the credibility of the Greek government is still said to be in major short supply, even though newly appointed Greek finance minister Euclid Tsakalotos has agreed to most reforms.

Several countries including Finland, Portugal, Spain, Germany, Slovenia and Slovakia are taking an extra hardline against Greece, with some of the opinion that Grexit is best for all - especially the euro.

Slovakian Finance minister Peter Kažimír is particularly pessimistic about the prospects for today, while Finnish FM Alexander Stubb says the Greek’s offer is not enough.

Enda Kenny is due to arrive at 4 o’clock local time (3pm Irish time) for a summit of eurozone leaders where any conclusions from the finance ministers will then be assessed. But it looks like a deal is not on the cards today.

However Alexis Tsipras claims it is still possible to find a solution to Greece's problems tonight.

The Greek leader was speaking to reporters on his way into the meeting of eurozone prime ministers this afternoon:

The finance ministers reconvened this morning in another bid to agree a mandate to secure a third Greek bailout.

Domestic politics in Finland and major lack of trust of the Greek government from all sides are said to have been some of the obstacles to success yesterday.

However they hope to agree on a common statement and roadmap for eurozone leaders to discuss later today.

Newstalk reporter Shona Murray is in Brussels, and she spoke to Shane Coleman on The Sunday Show about the latest developments. She said talks are likely to go on all night but we're likely seeing 'the end of the beginning':

Finnish Finance Minister Alexander Stubb said he was "still hopeful" for a deal but added it could still be "very, very far away."

He said in a scale of 1-to-10, Greece and its 18 partners in the eurozone were only "somewhere between 3 and 4" when it came to any agreement.

The proposed bailout measures, which won the backing of the Greek parliament late on Friday, are aimed at securing billions in financial support to prevent the country potentially crashing out of the eurozone.

Divisions

Ministers have given no concrete details about the nine-hour meeting yesterday, but sources close to the talks suggest divisions over whether Athens has gone far enough with its proposed austerity measures.

The proposals, which will serve as the foundation for Sunday's negotiations, include tax hikes and pension reforms similar to those rejected by the Greek people in last week's referendum.

Greece's biggest creditor, Germany, has long led the drive for tougher austerity measures from Athens.

In a document which came to light during the meeting, the German finance ministry once again demanded more concrete commitments.

Failing that, it said Greece should take a five-year "time-out" from the eurozone during which some of its debt would be written off.

However several officials said no one had explicitly raised the possibility of a Grexit in the meeting.

Belgium, Finland, Slovakia and Slovenia are reported to be among those also taking a tough line in the talks. According to Finland's state broadcaster YLE, the Finnish government had said it does not consider the Greek proposal sufficient to start negotiations on a new loan.

Ahead of Saturday's meeting, German finance minister Wolfgang Schaeuble said negotiations would be "exceptionally difficult".

Emerging optimism about Greece had been "destroyed in an incredible way in the last few months" since Greek Prime Minister Alexis Tsipras won power, he said.

Meanwhile, Mr Dijsselbloem, warned: "There is a major issue of trust.

"Can the Greek government be trusted to do what they are promising in coming weeks, months and years?"

Greece has had two bailouts worth €240bn from the eurozone and the IMF since 2010, but its economy has shrunk by a quarter, unemployment stands at more than 25% and one in two young people is out of work.