The talks have begun in between the Greek Finance Minister and the IMF delegation. This is being done to decide, when and whether the financial aid should be asked for or not.

As per the sources, talks between the officials of European Commission, the European Union's executive arm, the European Central Bank and the IMF, will also be held to discuss the technical aspects of the €45 billion rescue package.

Finance Minister, George Papaconstantinou said to the reporters on Tuesday that if the country decides to activate the mechanism, the approvals will be done with very quickly and there will be a clear commitment from the partners and short-term loan until all the procedures are completed.

Greece is required to pay the raising borrowing costs on the market so that it is able to arrange €10 billion by next month.

The country is required to repay a €8.5 billion bond value maturing on May 19. However, Athens successfully raised €1.9 billion on Tuesday.

As per the data provided by CMA DataVision, Greece's five year sovereign credit default swap was up to reach 4.762 per cent compared to previous 4.7 per cent and Tuesday's 4.64 per cent.