Malta has not yet decided whether to support Luxembourg's Prime Minister Jean-Claude Juncker as president of Eurogroup, which brings together finance ministers of the member states that use the euro.

Though the election will take place early next week, Malta is officially saying it is still deliberating on whether to support

Mr Juncker, who is also his country's also Treasury Minister, even though he is the only official candidate for the post.

However, sources close to Malta's Permanent Representation in Brussels said that, since Italy had shown interest in the post, Malta did not want to pronounce itself without being sure Italian Finance Minister Giulio Tremonti would not be contesting.

"Malta does not want to upset Italy, which is why it is still officially without a position," a high level Maltese official in Brussels said.

"Although it seems Mr Juncker will be the only candidate, Italy is still undecided about Mr Tremonti as his probability of success is very slim. However, unlike other member states, Malta is sitting on the fence and awaiting Italy's decision," he said.

Asked for an official position, a government spokesman said: "Internal government deliberations are still ongoing and a decision on which candidate Malta will support... will be taken closer to the day of the selection and once all candidates are known."

The Spanish EU presidency has already declared its support for Mr Juncker.

Elena Salgado, Spain's Finance Minister and president of the upcoming meeting of EU finance ministers in Brussels, said Spain definitively supported Mr Juncker.

However, while saying she knew of no other candidates, she gave a tacit nod of consent to Mr Tremonti. "Mr Tremonti would be an excellent candidate for almost all the envisaged posts," she said.

Other big shots in the Eurogroup - France, Germany and The Netherlands - have also indicated their support for Mr Juncker.