Eurozone finance ministers are preparing for a key meeting to consider the proposal by Greece to extend its European loan programme, BBC News reports.

Friday, Feb 20 meeting in Brussels is the eurozone's third attempt to reach a deal to manage Greece's debt.

Germany on Thursday rejected a Greek request for a six-month extension to its eurozone loan programme.

The rejection came despite the European Commission calling the Greek request "positive" only minutes earlier.

Greece had sought a new six-month assistance package, rather than a renewal of the existing deal which linked bailout money to tough austerity conditions.

Prime Minister Alexis Tsipras won elections in late January on a platform of rejecting those austerity measures.

Greece could run out of money by the end of the month without a deal and deposits continue to flow out of its banks.