The European Commission insisted on Monday that Greece implements the reforms, required by international creditors for the disbursement of the second tranche of bailout funds to the country.

Brussels however pointed out that there are no new requirements and it is demanding only compliance with what the Greek government has agreed to in the international aid program for the country.

"There is no new austerity measure that has been put on the table," Amadeu Altafaj, spokesman for EU Economic and Monetary Affairs Commissioner Olli Rehn, told reporters in Brussels.

"The only thing that is on the table is compliance with agreed targets; no more, no less."

Altafaj said "an important conference call will take place this evening" between Greek Finance Minister Evangelos Venizelos and the leaders of the so-called troika mission to Athens by the EU, the International Monetary Fund and the European Central Bank.

"It will be only after that that we will be in a position to communicate further on the next steps."

The tension is rising in Greece and on international markets as the troika - IMF, ECB and EU - continues to withhold the disbursement of the second tranche of bailout funds to Greece seeking further deficit reduction moves from the country.

Greek Prime Minister George Papandreou canceled a planned visit to the United States to hold an emergency cabinet meeting yesterday to address the concerns of the European officials.

Meanwhile Greek Finance Minister Evangelos Venizolos outlined a range of austerity measures intended to assure the creditors that the country is on the way towards fiscal consolidation.

In an emotional and angry statement published on the financial ministry website Venizolos slammed international creditors and institutions for humiliating his country and making a scapegoat out of it.

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