The Eurogroup welcomed the new Greek Minister for Finance Euclid Tsakalotos who presented the situation in Greece following the referendum on 5 July 2015.
The Eurogroup exchanged views on the way forward.
Following the meeting Eurogroup President Jeroen Dijsselbloem announced that the Greek government would submit a new request for financial assistance from the European Stability Mechanism (ESM). The request is expected tomorrow, 8 July 2015.
The Eurogroup is ready to hold a conference call on the same day once the request has been received.
Following the submission of the request, the Eurogroup President will ask the institutions - the European Commission, the European Central Bank and the International Monetary Fund - to assess and analyse Greece's financing needs and the debt sustainability. Following the assessment the Eurogroup will be able to take a decision on whether formal negotiations can start.
"All of this needs to be done in a matter of days, as we have very little time", said J.Dijsselbloem.
According to the ESM rules and the EU treaties, financial assistance to member states is provided under strict conditions. Greece's previous financial assistance arrangement with the European Financial Stability Facility expired on 30 June 2015.