Greece and the euro zone are close to a deal on a financing-for-reforms package, a senior Greek official said ahead of a crucial meeting of euro zone finance ministers later on Friday.

The official, speaking on the condition of anonymity, said Greece had made a lot of concessions to reach an agreement and that the euro zone should show some flexibility too.

"We have covered four fifths of the distance, they also need to cover one fifth," the official said, adding Greece wanted to clinch a deal on Friday, but that it would not back down in the face of pressure from the Eurogroup.