The European Union's head office says Greece is delivering on its fiscal targets and that an agreement to hand more bailout cash to Athens could come next month.

EU Commission Vice President Valdis Dombrovskis said Wednesday that Greece continues to show progress on its budget targets and held out hope of an agreement between Greece and its bailout creditors from the 19-country eurozone and the International Monetary Fund soon.

Once this happens, Dombrovkis said "one could expect also decisions on disbursement, potentially during the May eurogroup." An agreement at the May 22 meeting of the eurozone's finance ministers would stave off concerns of a Greek bankruptcy, which could otherwise haunt the EU over the summer.

Greece and its creditors are in discussions in Athens this week over the way ahead.