Greece's finance minister says his country's financial situation is "terribly urgent" and the crisis could come to a head in a couple of weeks. Yanis Varoufakis gave the warning after eurozone finance ministers met in Brussels to discuss the final EUR7.2bn tranche  of Greece's EUR240bn EU/IMF bailout . Ministers said Greece had made "progress" but more work was needed. The Greek government is struggling to meet its payment obligations . Earlier, Greece began the transfer of EUR750m (PS544m, $834m) in debt interest to the International Monetary Fund -- a day ahead of a payment deadline. "The liquidity  issue is a terribly urgent issue. It's common knowledge, let's not beat around the bush," Mr Varoufakis told reporters in Brussels. "From the perspective of timing, we are talking about the next couple of weeks." Greece has until the end of June to reach a reform deal with its international creditors. Its finances are running so low that it has had to ask public bodies for help. The crisis has raised the prospect that Greece might default  on its debts and leave the euro. In a statement, the eurozone finance ministers said they "welcomed the progress that has been achieved so far" in the negotiations," but added: "We acknowledged that more time and effort are needed to bridge the gaps on the remaining open issues." Eurogroup chairman Jeroen Dijsselbloem said there had to be a full deal on the bailout  before Greece received any further payments. "There are time constraints(;) and liquidity constraints and hopefully we will reach an agreement before time runs out and before money runs out." he said. There had been fears that Greece would default on its IMF debt repayment due on Tuesday. However, a Greek finance ministry official was quoted as saying that the order for repayment had been executed  on Monday. Almost EUR1bn has been handed over to the IMF in interest payments since the start of May. It is unclear how the government came up with the funds, but the mayor of Greece's second city Thessaloniki revealed last week that he had handed over cash reserves in response to an appeal for money. Which of the following could be the worst result if Greece defaulted on its debts?
The International Monetary Fund would cancel the debt of Greece. The EU would help Greece rebuild its financial system. Greece might have to leave the eurozone. The eurozone would accept Greece.