By Jonathan Davies

Some of the most powerful political and financial leaders in Europe are meeting in Berlin for crisis talks over Greece.

The heads of Greece's creditors - Christine Lagarde from the International Monetary Fund (IMF), Mario Draghi from the European Central Bank (ECB) and Jean-Claude Juncker from the European Commission - joined German Chancellor Angela Merkel and French President Francois Hollande to come up with "a final proposal" for Greece.

Experts say that the fact that Ms Lagarde and Mr Draghi have attended the talks signal how serious they are.

Speaking to French radio, EU Economics Commissioner Pierre Moscovici said: "The discussions are fruitful, they are bearing fruit, there is real progress with a better understanding by both the Greek government and its creditors."

Greece is due to make a €300 million repayment to the IMF on its debts on Friday. But there are fears that it does not have the money to do so.

It is the first of a number of payments scheduled for June.

The two sides have been in talks for months in attempts to release the final €7.2bn installment of its €240bn bailout. But Greece's creditors want certain assurances in the form of economic reforms.

Greece, led by the anti-austerity Syriza party, is opposing certain proposals.

It is understood that Greek Prime Minister Alexis Tsipras was not invited to the emergency meeting.

Yesterday, Mr Tsipras slammed the "absurd demands" made by Greece's creditors in an article for Le Monde.