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European officials have announced a new scenario under which Greece could avoid bankruptcy, even if it did not repay the loan to the International Monetary Fund (IMF) on 5 June.

In statements to the global news agency Reuters, the participants in the negotiations with the Greek government argue that in this way Athens could gain more time to reach an agreement without announcing the suspension of payments. Technically, it could unite the payments to the IMF that are due in June and make them at the end of the month.

The loan instalments to the IMF are five. The first is to the amount of about 300 million euro and is due on 5 June. The rest must be paid gradually until 19 June. The obligations of Athens to the IMF this month total 1.6 billion euro.

The option was suggested by a senior official of the euro zone who follows the negotiations between the creditors and Athens very closely .

Another representative who is involved in the negotiations however states, "It is a technical settlement of the matter, which the Ministry of Finance (and Athens) could ask for. It is possible that the IMF be forced to agree with this option."

On the other hand, both indicate that Greece could take this action only in the presence of a fair chance to come to agreement with the creditors, which could be presented to the financial markets and the Greek citizens. Otherwise, the failure to pay the loan could cause panic in the financial markets and a mass withdrawal of bank deposits in Greece, European officials explain.

"In this way Greece could have several weeks more. But if a perspective were absent on how the Greeks would act in terms of the full repayment of the debt to the IMF, this option would be very risky for them. And the consequences would be unpredictable," states the first of the representatives referred to by Reuters. "Citizens might want to withdraw their deposits and nobody knows what Greece would be forced to do," he adds.

Both are adamant that there is no chance for Athens and its creditors coming to agreement during the teleconference meeting of the euro zone finance ministers on Thursday.

In their words, the two sides have not yet agreed on the amount of the primary budget surplus that Athens must submit and attain.

The European Union could accept a surplus in the range of 1-1.5% of GDP but the Greek government would have to take additional budgetary measures for that purpose. According to the same sources, the proposal of the Greek government for changes in VAT rates is not sufficient.