Jeroen Dijsselbloem, the chairman of the eurozone finance ministers, said yesterday Greece could start receiving some emergency funding if it starts reforms agreed with its creditors but warned that a referendum could delay disbursement.

“It could be that we cut the remaining implementation process in parts and let the disbursements follow that in parts,” Dijsselbloem told a news conference in Brussels during talks.

“It is vital that we not only get an agreement on paper but that implementation starts. Presumably if you have a referendum you will not start implementing before you have done it and then it doesn’t seem to make sense.”

The Eurogroup of eurozone finance ministers issued the following statement on Greece earlier yesterday:

“The Eurogroup today took stock of the state of play with the ongoing negotiations between the Greek authorities and the institutions. We welcomed the progress that has been achieved so far.

“We note that the reorganisation and streamlining of working procedures has made an acceleration possible, and has contributed to a more substantial discussion. At the same time, we acknowledged that more time and effort are needed to bridge the gaps on the remaining open issues.

“We therefore welcome the intention of the Greek authorities to accelerate their work with the institutions, with a view to achieving a successful conclusion of the review in a timely fashion.

“The Eurogroup reiterated that its statement of 20 February remains the valid framework for the discussions. Once the institutions reach an agreement at staff level on the conclusion of the current review, the Eurogroup will decide on the possible disbursements of the funds outstanding under the current arrangement.”

Meanwhile Greece paid about €750 million to the International Monetary Fund yesterday, a day before it was due, two Greek finance ministry officials said.The payment averted the prospect of default that had shaken financial markets.

“The order to pay the IMF has been executed,” a senior Greek finance ministry official said.

Athens is close to running out of cash and there had been doubt about whether it would pay the IMF or choose to save cash to pay salaries and pensions later this month. Greece’s government in recent days had insisted it would honour its obligations, but officials in the past have warned the country may not have enough money to make the payment.

Despite the payment, Greece’s financial condition remains precarious unless it secures fresh aid from lenders.