EU bosses threaten Greece with STRONG warning 'Reform or LOSE €750MILLION'

Athens is now scrambling to deliver 16 commitments in exchange for debt relief after it failed to meet its 2018 deadline for reform. Greek prime minister Alexis Tsipiras is in a race against time to prove to the Brussels club that he is capable of putting his nation back on the path to full financial independence after creditors released Greece from its third bailout in August. And after failing to meet its deadline for reform by the end of 2018, Brussels bosses have warned Greece it must implement its compliance targets by the end of this month.

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An EU source told CNBC: “They are behind schedule on what they need to deliver.”

The EU is pushing Greece to implement fiscal structural reforms, social welfare, financial sector, labour market reforms, privatisation's and public administration and justice in order to receive debt relief measures.

The stricken Mediterranean country remains the biggest threat to the future of the EU despite seven years of gruelling recession and austerity imposed from Brussels.

Greece’s crumbling position has raised fears that the country could still collapse, dragging the Euro currency down with it.

eu news greeceEU news: Greece is under pressure to pass its reforms by the end of the month (Image: REUTERS )

They are behind schedule on what they need to deliver

EU source

Mr Tsipras has been implementing his re-election strategy over the past six months, steering Greece out of a humiliating bailout and

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