Eurozone finance ministers have dropped plans for holding a face-to-face meeting today (15 February) on Greece's new international bailout, saying party leaders in Athens failed to provide the required commitment to reform. 

With the European Union's patience at breaking point, ministers downgraded the talks to a telephone conference call, almost certainly killing off any chance they would approve a €130 billion bailout that Greece needs by next month to avoid a messy bankruptcy.

The other issue is the €325m shortfall in savings.  Kathimerini  writes that the Greek cabinet examined a proposal to use cuts in defense spending, public investment funds and the health sector, but that this proposal was rejected by Euro Working Group -- low-level EU finance ministry officials who were meeting in Brussels on Tuesday. Kathimerini's sources said that the EU officials insisted that the additional savings should come from cuts to pensions.

There's a few interesting rumours skitting around tonight following the eurogroup conference call.

Dow Jones is reporting tonight that some eurozone officials want a "Troika presense" agreed in Athens before the bailout can proceed, along with a commitment that Greece's rescue funds will be paid into an escrow account.

There's also a report that the German, Finnish and Netherland's finance ministers suggested that the eurogroup should also seek pledges from Greece's smaller political parties - having secured Antonis Samaras and George Papandreou's support.

That has not gone down well in Greece - journalist Efthimia Efthimiou argued that it showed that the eurozone was no longer prepared to help Greece.