Eurozone members delayed approval of more than half of the €130bn bail-out for Greece after asking Athens to show extra proof that it would implement hastily agreed spending cuts and reforms.

Finance ministers from the 17-country currency bloc meeting in Brussels yesterday signed off on funds to underpin a €206bn restructuring of privately held Greek debt. But they requested a “detailed assessment” by European Union and International Monetary Fund officials by next week of implementation of 38 measures before handing over the remaining €71.5bn.

By splitting the bail-out into two parts, the eurozone has allowed hardliners in northern Europe to delay funds even longer. Once the bond swap is completed, the risk of a Greek default on a €14.5bn bond due on March 20 would disappear.