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'Wasting time': War of words over Greece heats up

Europe appears to be getting increasingly impatient with Greece, telling it to "stop wasting time" over reforms, as the war of words between the parties intensifies.

Following a meeting of euro zone finance ministers in Brussels on Monday, at which Greece's reform proposals and funding needs were discussed – again – the head of the Eurogroup appeared frustrated.

"My key message today was that we have spent now two weeks apparently discussing who meets whom where, in what configuration and on what agenda and it's a complete waste of time. I cannot be explicit enough about it," Eurogroup President, Jeroen Dijsselbloem, said in a press conference following the talks.

Jeroen Dijsselbloem
PETRAS MALUKAS | AFP | Getty Images
Jeroen Dijsselbloem

"That's why we've said we've talked about this long enough now," he added. "We only have four months…let's get it done."

Greece and the so-called troika of organizations which oversee the country's bailout –the European Commission, European Central Bank and the International Monetary Fund – will start more technical discussions on Greek reforms, which are tied to its emergency financing, on Wednesday.

Read MoreGreece 'threatens' early elections if reforms rejected

The location of the talks has been a point of much debate, highlighting Greece's increasing annoyance at troika officials visiting the country to check up on its bailout program progress. On Monday, Djisselbloem confirmed that the talks would take place in Brussels rather than Athens.

Greek Finance Minister Yanis Varoufakis didn't mince his words on Monday, saying that Greece was fed up with the troika's "cabals."

"The idea of troika visits, comprising cabals of technocrats from the three institutions in lockstep walking into our ministries and trying to implement a program which has failed, at least in the estimation of our government and people - that is a thing of the past," he said.

Read MoreGreece lashes out as pressure to reform rises

War of words

Alongside growing impatience and disunity between Greece and its euro zone neighbors, concerns are rising over its funding needs. The country desperately needs the last tranche of aid from its bailout program, but Dijsselbloem was clear that no money would be released before reforms were made.

"There can be no talk about early disbursement if there is no agreement and no implementation (of reforms)," he said, although he added that there was a possibility that Greece could receive smaller chunks of emergency aid as it makes reforms.

Naeem Aslam, chief market analyst at Ava Trade, said on Monday that Greece was not likely to receive any money soon.

"Greece has, without any doubts, put forward a number of reform proposals since last week. However, they are not meaningful (enough) for creditors to release 1.7 billion euro ($1.8 billion) payment which Greece badly needs…if Greece does not fulfil its promises, it is highly likely that they will not see another cent," he said in a note.

Read MoreIs Greece already rolling back on its pledges?

Whether Greece can continue to service its debt obligations is a key question for investors, with key repayments of IMF loans due throughout March. Analysts at Investec Capital Markets said in a note Monday that investors were focused on whether Greece could need yet another bailout.

"Although we would be surprised if the words 'third' and 'bailout' were not used together on occasion, the focus will be on assessing whether the promised actions from Finance Minister Varoufakis will be sufficient to authorize a further disbursement under the current program before Greece begins to encounter problems with meeting its obligations," the analysts said.

- By CNBC's Holly Ellyatt, follow her on Twitter @HollyEllyatt. Follow us on Twitter: @CNBCWorld