Eurogroup head Jean-Claude Juncker said on Friday that political decisions on Greece would not be reached before the second half of October. Juncker's statements followed an informal meeting of euro finance ministers in the capital of Cyprus, Nicosia.

The Greek government is making efforts to reach 11.5 billion euros in cuts demanded by the country's lenders, the European Union, the European Central Bank and the International Monetary Fund, collectively known as the troika. These efforts were being examined by troika officials whose report will prove pivotal with regard to the EU's decision.

Speaking from Nicosia on Friday, Greek finance minister Yannis Stournaras said that the issue of giving Greece more time was on the table and that progress had been made in negotiations with the troika.

Prior to Friday's meeting, Dutch Finance Minister Jan Kees De Jager noted that more time could be granted to Greece if the country's deficit turned out to be worse than initially expected, but that no extra money would be given.

Also on Friday, Spain's Finance Minister Luis de Guindos informed his eurozone counterparts that the country intends to adopt a reform program based on EU recommendations by the end of September.