Giorgos Houliarakis, Greece's alternate finance minister, said recently on state-run television network that it would be in the country's best interest to find any solution now to bailout talks rather than wait for a better solution later.

"It was best to find even a bad solution now, rather than a better one in five months," he said.

He also stated that the key factor creating a difference between parties is the amount of debt that German and European partners are willing to take on this time around.

Feb. 20,  the unofficial deadline for working out a bailout solution, looms as this date has been set for another Eurogroup meeting. A number of elections take place in Europe soon, so affected parties hope to wrap up talks before the elections are held.

Recent meetings have been viewed as creating some progress, yet no new action has been taken on the bailout situation.