Opinion clashed over how much time to grant Athens for its repayments.

However, there were warm words for Portugal:

"We are confident in the ability of Portugal to deliver strongly under the program and to return to the market next year. I am deeply impressed by what the Portuguese government and the Portuguese people are undertaking for the time being." Eurogroup President Jean-Claude Juncker told a press conference.

Spain is proving to be a worry. There are expectations in financial markets that Madrid will also have to request a government bailout in the not-to-distant future.

Meanwhile, the credit rating for Cyprus has been downgraded three points further into junk status.
Deteriorating conditions in Greece and Cyprus have weighed heavily on the Cypriot banking centre.
A bailout was requested in June. Its banks are heavily exposed to Greek debt.