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Greece Debt Crisis: Creditors Skeptical of Reform Pledge

A European official present at the discussions called the Greek government's proposals "too little, too late" as talks are to resume in the morning.

Bailout discussions between the Greek finance minister and his skeptical counterparts in the 19-country eurozone will resume Sunday after breaking up following more than eight hours of talks without any apparent breakthrough that will secure the country's future in the euro.

During talks on Saturday, Greece clearly failed to give what its creditors in the eurozone have been demanding — iron-clad proof that it candeliver on its promises to implement tough austerity and reform measures in return for billions more in rescue money.

"We had an in-depth discussion of the Greek proposals and the issue of credibility and trust was discussed," Jeroen Dijsselbloem, the eurozone's top official, said on leaving the meeting.

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The talks will resume at 11 a.m. local time (5a.m. ET), just a few hours before the European Union's 28 leaders are meant to descend on Brussels for a summit that has been billed over the past week as Greece's last chance to convince creditors that it deserves more financial help.

The pressure was on Greece all Saturday even after the country's parliament passed a harsh austerity package that it hopes will lead to a three-year bailout. Over and over in Brussels, finance ministers and top officials of the eurozone said the same thing — we don't fully trust you to make good on your promises.

A European official present at the discussions, when asked what more needed to be discussed when ministers reconvene Sunday, said "everything."

The official, who spoke on condition of anonymity because he's not authorized to talk publicly, said ministers wanted "more specific and binding commitments" and that the Greek government's proposals were "too little, too late."

Greece desperately needs the money to avoid a financial collapse. Greece's banks, according to some accounts, have barely enough cash in their vaults to see the country through the week.