Eurozone talks nearly collapsed last night as a group of eurozone states played hardball with Greece.

An alignment of Finland, Germany, Slovakia, Slovenia, Portugal and Spain said they couldn’t trust Greece to implement the reforms it had pledged; saying that the government there had no credibility.

“It got pretty tense and there was huge anger and resentment towards Greece”, a source who was in the room told Newstalk.

As finance minister resume talks, there is hope that a broad statement can be achieved which will eventually lead to further talks over a new memorandum of understanding for a third Greek bailout.

Economic conditions in Greece have deteriorated very badly in recent weeks and officials say Greece will need a bailout of over €75 billion – over €25 billion more than they had anticipated.

As a result, reforms now need to be deeper and undertaken faster. Irish minister Michael Noonan told reporters that it would “help trust” if Greece started reforms as soon as tomorrow.

Others say a unified statement of support for Greece may happen today if the Greeks agree to implement legislation which will bind them to the agreed reforms.

At the same time, there are several within the eurozone who believe that the best thing for Greece and the monetary union is a Grexit, but they are not likely to launch any major advances in that direction.

Importantly, German Chancellor Angela Merkel is adamant that Greece stays in the euro in order to protect the integrity stability of the currency, as well as the reputation of the EU as a whole.

Sources close to her say she has come under pressure from the US to keep Greece’s membership intact for geopolitical reasons, in particular to keep Greece from requiring assistance from Russia.

Taoiseach Enda Kenny is arriving for the emergency summit of eurozone leaders at 4pm local time (3pm Irish time) this afternoon. Beforehand, he’ll be briefed by Minister Michael Noonan about today’s eurogroup of finance ministers.