Talks between Greece and its creditors need to "speed up", the EU's Economic and Financial Affairs Commissioner said today, as the Greek government warned that it was running out of money.
"We are aware of the liquidity problems in Greece and this is why it's so important now that negotiations that take place in Brussels speed up," Pierre Moscovici said.
He made his comments on the sidelines of a conference in Dublin.
"We want that agreement, we want it fast - we are working on it hard," he said.
"There has been progress made in the last few weeks. We have some proposals on reforms," he said.
"There is no plan B. There is a plan for a solid Greece remaining in the euro zone," the former French finance minister added.
The cash crunch has been caused by Greece's inability to agree with its creditors - the International Monetary Fund, the European Union and the European Central Bank - on reforms that would unlock €7.2 billion in promised bailout cash.
Over the weekend, a cabinet minister said Greece had "no money" to make a series of repayments to the IMF from 5 June but a government spokesman insisted the country would keep up payments as long as it could.
Finance Minister Yanis Varoufakis said today that Greece's creditors must "get their act together" and help produce a new loan deal for the cash-strapped country.
Mr Moscovici was attending a seminar at the Institute of International and European Affairs in Dublin today.
Fine Gael MEP for Dublin Brian Hayes said that there is concern that time is running out for Greece and the financial situation in the country is getting worse by the day.
Speaking on RTÉ’s News At One, he said most people want to see a new agreement based on realistic conditions for both Greece and the euro zone.
Mr Hayes said it is important to resolve the outstanding issues.
"Grexit" risk dips - investor survey
The probability Greece will leave the euro zone in the next year has fallen even as it is fast running out of time to reach a cash-for-reforms deal with its EU lenders, a May survey of mostly German-based investors shows today.
The survey of around 1,000 individual and institutional investors registered with consultancy firm Sentix, found that 41% of respondents expected Greece to leave the 19-nation currency bloc, down from 49% in April.
But this was still higher than the 22.5% in a January survey.
"Investors obviously take - despite Greece's still unclear future - comments of the Hellenic government seriously that the country wants to keep the common currency," senior Sentix analyst Sebastian Wanke said in statement.
The country, which is running out of cash to pay its bills, must repay four loans totalling €1.6 billion to the International Monetary Fund next month, starting with a €300m payment on June 5 that is seen as the next crunch point for state coffers.
Meanwhile, Mr Moscovici has said that all economic studies suggest that if Britain were to exit the EU, it would be a major problem for the EU and for Britain.
He made his comments at the Oireachtas Finance Committee this afternoon, where he gave an overview of the commission's 2015 recommendations.
He said the commission wants Britain to stay in the EU.