Sources close to the dispute said there is little danger that the IIF will walk out and precipitate the first sovereign default in western Europe since the Second World War.
A deal is needed to clear the way for the next round of EU-IMF aid and ensure that Athens can meet a €14.5bn (£12bn) debt payment in March. The IIF’s chief Charles Dallara said the elements of a deal were “coming into place”.
“Now is the time to act decisively and seize the opportunity to finalise this historic deal and contribute to the economic stability of Greece, the Euro Area and the world economy,” he said.
Both Greece and the International Monetary Fund want to cap the rate on new bonds at 3.5pc, rising later as Greece recovers.