The eurozone ministers are also to examine the situation in Portugal, where the financial crisis is claiming its toll on the government.

Also attending the meeting will be International Monetary Fund (IMF) director Christine Lagarde. Her presence is considered an indicator that the situation in the eurogroup is becoming more tense again.

Greece is counting on having the next tranche approved, however international lenders are not too happy with the country's progress in public sector reform.

The troika - the European Commission, European Central Bank (ECB) and the IMF - are yet to say whether the next tranche should be approved.

A decision is expected at today's meeting at the latest, however a delay cannot be excluded and the new Greek Minister responsible for public sector reform Kiriakos Micotakis said only last week that the country would need more time.

Greece needs the money by August when the country is to repay EUR 2.2bn. There is however the possibility of short-term funding, so sources in Brussels do not believe the country will go bankrupt even if the next tranche is not approved today.