There is no Grexit scenario, says France's Finance Minister Sapin

French finance minister Michel Sapin speaks to the press after a meeting with his Portuguese counterpart at the Portuguese Finance Ministry in Lisbon on May 23, 2015. -- PHOTO: AFP  
French finance minister Michel Sapin speaks to the press after a meeting with his Portuguese counterpart at the Portuguese Finance Ministry in Lisbon on May 23, 2015. -- PHOTO: AFP  

DRESDEN, Germany (AFP) - Eurozone countries are not expecting Greece to quit the single currency, French Finance Minister Michel Sapin said Friday, as time runs out for Athens and its creditors to reach a deal.

"There is no Grexit scenario," Sapin told a news briefing after a meeting of Group of Seven finance ministers and central bank governors ended in Dresden.

Grexit is the term for a possible exit by Greece of the euro area.

Sapin said that there had been "progress" in the negotiations, but "results are still insufficient so far." The finance ministers and central bank chiefs of the world's seven wealthiest nations met in the eastern German city to prepare for a wider summit of G7 leaders starting on June 7.

And while Greece was not officially on the agenda, it was discussed because representatives of the key actors in the discussions - the International Monetary Fund, the European Central Bank and the European Commission - attended the meeting.