A meeting of the 17-member euro zone Finance Minsters, due to be held Brussels this afternoon  to approve a second €130 billion bailout for Greece, has been postponed as member states are still awaiting more assurances from the Greek government.

The President of the Eurogroup, Jean Claude Junker said that he decided to call-off the meeting and instead organise a conference call as more discussions were needed.

“Following yesterday’s Eurogroup Working Group meeting (at senior officials level), it has appeared that further technical work between Greece and the troika is needed in a number of areas, including the closure of the fiscal gap of €325 million euro in 2012 and the debt sustainability analysis.”

“Furthermore, I did not yet receive the required political assurances from the leaders of the Greek coalition parties on the implementation of the programme. Against this background, I have decided to convene ministers to a conference call this afternoon in order to discuss the outstanding issues and prepare the ordinary meeting of the Eurogroup on Monday, 20th February 2012,” Mr Juncker said in a short statement.

The Greek Parliament last Sunday approved a though austerity plan amid riots outside the Parliament building in Athens and the burning of some 45 buildings.

Although welcoming the latest developments, the EU is insisting on further measures in exchange for more cash.

Greece needs a second bailout if it wants to avoid a default in mid-March.