Germany's Merkel: currently not possible to find fresh funds for Greece

German Chancellor Angela Merkel said a euro zone finance ministers' meeting on Saturday would be decisive for finding a solution to Greece's debt crisis.

Merkel told a news conference after the first day of a European Union summit that heads of state and government could not get involved in the detailed negotiation of a cash-for-reform deal but only encourage the sides to reach a rapid conclusion.

"We are saying, not without careful thought, that this Eurogroup is of decisive importance, taking into account that time is very short and that a result must be worked on," she said early on Friday.

Asked whether she was ready to offer Athens debt relief as Prime Minister Alexis Tsipras had demanded, Merkel said it was not possible to find new money for Greece beyond what was left in its second bailout program at this stage.

She deflected a question about whether finance ministers would discuss a Plan B to cope with the fallout of a Greek default and limit the damage to other euro zone countries if there was no deal on Saturday, saying she would not engage in speculation and wanted a successful agreement.