Eurozone financial leaders are meeting Monday in an attempt to work out a deal on Greece's debt.
Under the agreement, Greece's private creditors would trade their Greek bonds for ones that are 50 percent lower in value.
Because the new bonds would also have longer maturities, Greece's repayments would be delayed by decades. The bonds would also have a much lower interest rate.
A deal would allow Greece to get a second bailout package from other European governments and the International Monetary Fund.
Negotiators said they've made progress toward a deal. However, important details still have to be worked out.
"The negotiations will be difficult, but we want the second program for Greece to be implemented in March so that the second tranche can be released," German Finance Minister Wolfgang Schaeuble said.
"Greece must fulfill its commitments, it is difficult and there is already a lot of delay," Schaeuble said.
Meanwhile, some analysts doubt that even a bailout plan can help Greece cut its huge debt enough.