Euro-area finance chiefs tempered optimism that a deal on Greece was in the offing, saying expectations of a breakthrough were inflated amid confusion over new proposals intended to unlock aid.

With markets surging on speculation an accord was near, ministers closed ranks to douse hopes of an imminent deal as they arrived for a meeting in Brussels on Monday. Dutch Finance Minister Jeroen Dijsselbloem said it was “impossible to have a final assessment” of the Greek proposals since they had arrived so late, while his Irish counterpart, Michael Noonan, said he expected ministers to have to meet again on Thursday.

“I think this day is going to be a non-entity,” Finnish Finance Minister Alexander Stubb told reporters waiting in the pouring rain. “This seems to be a little bit of a Monday where we have wasted a lot of air miles both on the finance ministers’ side and on the prime ministers’ side, because I don’t foresee a breakthrough today.”

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