Euro area finance chief's meeting which was supposed to take place today in Brussels was cancelled due to the lack of political assurances from Greek leaders to commit to spending cuts, thereby putting more pressure on Greece, where hopes are now dented that Greece will get any promises regarding the aid package today.

The awaited meeting was cancelled by Jean Claude Junker and was replaced by a telephone conference as Greece, so far, could not outline methods to fill the 325 million euro shortfall in budget cuts for the current year as well as to sign written commitment from political party leaders to adopt austerity measures.

Yet, after the cancellation of the meeting, a government official in Athens said leaders Antonis Samaras and George Papandreou, leaders of the biggest two political parties, will write commitments today.