The Netherlands and a number of other countries with AAA credit ratings have issued an ultimatum to Greece, demanding that the government implement agreed reforms and austerity measures by March at the latest. Otherwise they will withdraw the bailout funds pledged last year.

Payment of the rescue plan for Greece has been stalled until Athens shows it has taken concrete actions to reform the Greek economy. “We will not accept any further delay,” said Dutch Finance Minister Jan Kees de Jager on Friday during talks in Berlin with his German, Finnish and Luxembourg counterparts.

At home, Greece's government struggled on Friday to agree tough labour reform that appeases both wary political leaders and irate lenders faced with a rising bill to save the country from bankruptcy.

EU sources say Euro zone governments may now have to cough up an extra 15 billion euros in addition to the 130 billion euros agreed in October because of funds needed to recapitalise tottering Greek banks.