Eurogroup chief warns Greece of last chance to avoid bankruptcy

Luxembourg's Prime Minister Jean-Claude Juncker, who heads the eurozone finance ministers' group Eurogroup, has kept Greek hopes of getting more time to push through austerity cuts alive, even as he he warned the country it was staring at its "last chance" to avoid bankruptcy.

Trapped in a fifth year of recession, Greece has been lobbying for additional two years to hit budget targets promised under its second, €130-billion bailout from the EU and International Monetary Fund (IMF).

On Tuesday Juncker became the most senior European leader to visit Athens after a new conservative-led government took over in June promising to fulfill austerity pledges Greece made to receive a bailout, even as it sought more time to reach the targets.

Prime minister Antonis Samaras' plea for "air to breathe" cut little ice with Netherlands and European paymaster Germany. According to Juncker, a decision on extending the time would depend on the findings of a review by EU and IMF lenders on the country's progress in fulfilling its pledges.

He coupled that with a warning to Greece to shore up its dire finances, saying the country's next tranche of aid would be contingent on it offering a credible strategy for austerity cuts.

He said as far as the immediate future was concerned the ball was in the Greek court adding that it was in fact the last chance and Greek citizens were aware of it.