Greece Told 'Stop Wasting Time' In Bailout Talks

Greece has been urged by European finance ministers to "stop wasting time" in talks over extending its crucial bailout programme and told the "clock is ticking".

Athens got a lifeline in February when ministers agreed a four-month extension to the current EU-IMF bailout in exchange for reforms.

But the next payout of seven billion euros (£5bn) due at the end of April is dependent on a review of their reform plans, meaning Athens is rapidly running out of time.

Greek finance minister Yaris Varoufakis has been presenting the latest proposals at a meeting with its eurozone partners in Brussels.

Greece has warned of a possible referendum if its plans were rejected, while a Greek government source said the country was ready to submit more measures to its list of reforms.

The new radical left government, which is facing a cash squeeze, is trying to persuade its international creditors to agree on an alternative plan by April.

Athens has been warned by the Eurogroup of finance ministers that it had to make concrete progress if it wants financial aid to be further extended through the summer.

Measures so far include plans to streamline bureaucracy, raise revenue from online gambling and a suggestion to hire amateur tax sleuths - including tourists - to help clamp down on tax dodgers.

A government official said Athens was prepared to submit additional proposals to combat tax evasion, including retrospective tax audits.

Jeroen Dijsselbloem, head of the Eurogroup, said: "We have lost over two weeks in which very little progress has been made - we have to stop wasting time and start talks seriously."

Mr Dijsselbloem, who is also the Dutch finance minister, added: "The extension (of the Greek bailout) is only for four months and the clock is ticking."

Greek Prime Minister Alexis Tsipras vowed during January's election to renegotiate Greece's debts and end austerity measures imposed under two bailouts worth 240 billion euros since 2010, although Athens has since backed down on several points.