Greece's bailout creditors say the country has fallen behind on several key reforms that have been set as a condition for debt relief.
Valdis Dombrovskis, a European Commission vice president, said Wednesday that plans by the Greek government to provide protection for distressed mortgage holders are incomplete, despite weeks of negotiations between the government and leading banks aimed at coming up with a compromise.
Following a decade of financial crisis and international bailouts, nearly half of Greece's property and business loans are in arrears, and the government is under pressure to help banks improve their balance sheets.
Current mortgage protection rules, which shield distressed property owners from foreclosure, formally expire Thursday.
Eurozone finance ministers will on March 11 decide whether Athens has met the criteria for the next round of debt relief.