German Finance Minister Wolfgang Schaeuble said he had little hopes of reaching a long sought-after debt deal with Greece at a meeting of his eurozone counterparts on Wednesday.

"I do not want to speculate now, however the preparations are not at a level which make me optimistic that we will have a result today," Schaeuble said as he arrived for a meeting of finance ministers from the 19-member single currency bloc, the third in less than a week.