Patience with Greece running low after tough week

Greece must implement reforms: OECD official
Greece must implement reforms: OECD official   

After another week of sniping and criticism, experts are wondering whether relations between Greece, its euro zone neighbors -- and international creditors – are salvageable.

Greece's Prime Minister Alexis Tspiras was in Brussels Friday to meet the president of the European Parliament, Martin Schulz, and the head of the European Commission, Jean-Claude Juncker. Discussions were expected to be dominated by Athens' desperate need for further funding.

Speaking at a press conference with Schulz, Tsipras reiterated his country's dedication to implementing reforms.

"The message of our discussions was now it's time to give a message of hope to the Greek people. Nt only implement, implement, implement, obligations, obligations, obligations - but now the message that European institutions will give help and solidarity with ways to overcome this situation," he said.

Referencing tensions between Greece and its European partners over the bailout, the prime minister emphasized the joint nature of discussions.

"I believe there is no Greek problem, there is an European problem - and because we want to go on together, I think at the end of the day we will resolve all these misunderstanding," he added.

On Thursday, Tsipras visited Paris for meetings at the Organization of Economic Co-operation and Development and to try to reassure Greece's euro zone partners that the country would stick to its reforms and bailout program, which was extended by four-months in February.

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

"There is no reason for concern... even if there is no timely disbursement of a (loan) tranche, Greece will meet its obligations," he told reporters, according to Reuters.

"We are here in order for the OECD to put its stamp on the reforms that the Greek government wants to push on with and I believe that this stamp in our passport will be very significant to build mutual trust with our lenders."

Alexis Tsipras, leader of the Syriza party
Kostas Tsironis | Bloomberg | Getty Images
Alexis Tsipras, leader of the Syriza party

Trust is something in short supply in euro zone at the moment, however.

Mari Kiviniemi, former prime minister of Finland and deputy secretary-general of the Organisation for Economic Co-operation and Development (OECD), told CNBC Friday that Greece had to show it was serious about implementing reforms.

Read MoreSaving Greece is notthe ECB's job: Weidmann

"The key question is implementation (of reforms)," she said on the sidelines of the Spring Ambrosetti forum in Lake Como. "It's a very challenging and difficult (task) and of course Greece has have cooperation, negotiate and make deals with the troika."

The meeting in Brussels comes at the end of a tough week for relations between Greece and the "troika" of organizations overseeing its bailout, the European Central Bank, European Commission and International Monetary Fund – as well as its neighbors.

Greece yet again demanded compensation from Germany for the Nazi occupation of Greece during World War II, a move Berlin swiftly rejected.

Finance Minister Yanis Varoufakis, also accused the ECB of having an "asphyxiating" policy towards Greece.

As the country's government bonds are rated below investment grade, Greece cannot be included in the ECB's 1 trillion euro bond-buying program, which has caused the yields on euro zone sovereign debt to fall sharply. The ECB also refused to accept Greek government bonds as collateral for loans earlier in February.

In the meantime, Greece is facing an impending cash crunch, pressured by loan repayments. On Friday, it is due to repay 350 million euros ($371 million) to the IMF, with twice that much due next week.

Robert Kuenzel, director of economic research at Daiwa Capital Markets, said in a note Friday that while Greece would most likely make Friday's payment on time, the future looked bleak.

Up to Greece to ensure finances are stable: Weidmann
Up to Greece to ensure finances are stable: Weidmann   

"With tax revenues most likely continuing to undershoot in March, foreign capital market access unthinkable and the ECB only drip-feeding liquidity to the banking system through increases in the ELA ceiling (with an extra $600 million made available yesterday), the funding challenges facing the Greek government have maybe never looked as acute as now, compounded by a far more acrimonious political landscape."

Read MoreGreece 'threatens' early elections if reforms rejected

Against this backdrop, a defence for Greece came from an unexpected quarter Thursday.

During a visit to meet his Austrian counterpart Thursday, German Finance Minister Wolfgang Schaeuble said that Greece had to help itself but was "certainly not a hopeless case."

He could not rule out an accidental exit of the country from the euro zone, a "Grexident," however, he told Austrian broadcaster ORF, Reuters reported.

Market analyst Naeem Aslam, said Friday that Greece and Germany had yet to learn how to "not push each other's button."

"The Greek finance minister was not (pleased) about the comment by the German finance minister, (but)the fact is, it does not matter who feels better or who does not, we have a serious issue which is to pull Greeks out of their misery," Aslam, chief market analyst at Ava Trade said in a note. "And if both sides kept on overlooking this issue, we have a serious problem in the euro zone."

Striking a more positive note, Mari Kiviniemi, former prime minister of Finland and deputy secretary-general of the Organisation for Economic Co-operation and Development (OECD) was confident that, despite the war of words between Greece and its euro zone partners, a solution could be found.

"It's extremely difficult because these countries have their own domestic pressures too and elections coming but I'm sure that the euro countries are able to resolve the situation. It will be extremely difficult, but I trust them."

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