With pressure to get a deal done by Friday, and Greece's current credit lines running dry, Athens' government has outlined a new deal that would extend the country's loan agreement with its international creditors for four to six months.

It is centered around a plan drafted by the EU's economic and financial commissioner, Pierre Moscovici.

It would mean that the country's current deal with the euro zone would not expire at the end of this month - and it would give the country time to negotiate a new bailout deal.

This is in line with the wishes of most euro zone finance ministers - as Micheal Noonan suggested ahead of Monday's euro group meeting, if the Greeks accepted an extension of the deal "the road blocks would fall away" and a new deal could be negotiated.

But the Syriza government is not making a total climb-down.

A Greek senior cabinet minister that spoke to the Financial Times says that the Athens government wants the deal to include no rolling back of the economic reforms that have been introduced by the new government.

In exchange for policy leeway, the source says that the government will "continue to run a primary budget surplus and it would pledge to pay its creditors in full."

In his press conference after Monday's Euro Group meeting the Greek finance minister Yanis Varoufakis spoke about "red lines" that the Greeks cannot cross.

These "red lines" seem to be a commitment to introducing some basic social programmes that would mean a slight easing of austerity, addressing what the Syriza government calls the "humanitarian" crisis in the country.

Irish Times European Correspondent, Suzanne Lynch spoke to Newstalk Breakfast - she says that it is likely that the Greeks will formally request this deal today, and a meeting of euro zone finance ministers will be called.