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Reports: EU's Barnier says new UK plans not good enough, but keeps hopes alive

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Reports: EU's Barnier says new UK plans not good enough, but keeps hopes alive

Michel Barnier, the European Union's Brexit negotiator, said that fresh Brexit proposals from the U.K. were not satisfactory, but kept Brexit hopes alive by saying a deal was possible this week, Reuters and CNBC reported.

Barnier said draft legal text needed to be agreed on today for him to present it at the Oct. 17-18 EU summit, Reuters reported, citing three diplomatic sources.

Barnier was likely to request further talks with the U.K. unless a legal text could be agreed upon by the end of the day, the sources told Reuters. BBC News reported that the bloc may hold another summit toward the end of the month.

Barnier earlier told reporters in Luxembourg that it is possible to reach a deal this week, CNBC reported.

"There is still a possibility for a deal," an EU diplomat told Reuters.