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In a busy day for geopolitical worries, Greece – the euro zone’s perennially weak link - is also back in the spotlight.

In a hotly awaited report the EU Commissioner for economic and financial affairs, Pierre Moscovici – usually a stalwart supporter of all things Greek – had some tough words for the country today.

Moscovici warned that Athens was lagging dangerously behind in implementing pre-agreed reforms with the foreign lenders that in the past decade have bailed it out three times and to the tune of almost €300bn.

If Athens doesn’t press ahead with the measures by the next euro group meeting of euro area finance ministers in March, €750m in monies due from bond profits will have to be forfeited, according to the Commission which has been monitoring Athens’ post-bailout progress. The report is expected to be high on the agenda of the euro group when it next gathers on March 11.

“Concerning Greece, the second Enhanced Surveillance Report … shows significant progress but also some areas in which further efforts are needed, and I urge the authorities to complete these in time for the next Euro Group,” Moscovici tweeted.

Pierre Moscovici (@pierremoscovici) Concerning #Greece, the second enhanced surveillance report published today shows significant progress but also some areas in which further efforts are needed, and I urge the authorities to complete these in time for the next #Eurogroup

The installment is part of €4.8bn of profits on Greek bonds held by the euro zone.

There are 16 reforms the leftist government has failed to complete, not least developing a fully functional legal framework to deal with the economy’s biggest problem: non-performing bank loans.