EUROPEAN finance ministers were last night locked in talks on the final terms of the latest Greek bailout as a last round of haggling held up a deal.

German and French ministers, and the chairman of the talks, Jean-Claude Juncker, all insisted an agreement was close following months of wrangling over whether Athens qualifies for a second massive financial rescue package from the European Union (EU) and International Monetary Fund (IMF).

The struggling Greek economy received £91 billion in 2010 but it was not enough to lift Greece out of crisis.

Another £110bn was on the table – with strict austerity strings attached – as the EU battled to avoid an impending Greek debt default.

German Finance Minister Wolfgang Schauble, who last week indicted willingness to let Greece leave the eurozone, said he was "confident" of a deal on a new aid programme.

His French counterpart said all necessary elements of an accord were in place.

Mr Juncker, Luxembourg's Prime Minister and chairman of the eurozone nations, said he hoped the meeting would be the "final consultation" before approving the deal.

Greek Finance Minister Evangelos Venizelos declared his Government had "fulfilled all the requirements for the approval of the new programme", but acknowledged: "Until the very last moment, the negotiation carries on. Technical problems are being discussed, individual parameters are being examined and preferences or priorities of institutional partners or member-states are affecting the mood of the talks."

A Greek austerity package of severe pay, pensions and jobs cuts as a bailout condition is in place, and the Greek Government has found €325m (£270m) of extra, immediate savings in this year's national budget.

Written pledges from most key Greek political parties that the austerity measures will be honoured even after a change of Government are also in place.

However, ministers were still arguing over Dutch pressure for some "permanent" EU, IMF and European Central Bank involvement in future Greek tax and spending plans to ensure the austerity plan does not waiver.

The political leaders were also still trying to juggle the financial figures to get Greece closer to a target of reducing its debt level – a huge 160% of Greek national wealth – to 120% of GDP by 2020.

With the debt reduction target date eight years away, some officials said it would be impossible to work out an accurate calculation for the Greek economy to guarantee delivery of a 120% goal by 2020.

If a deal goes through, Greece's private creditors would take a loss of as much as 70% on what they are owed by Athens.

This would amount to a debt write-off worth €100bn (£84 bn).

Despite growing threats of some frustrated member states being ready to accept an "orderly default" from Greece, all signs were of a major effort to clinch a deal to keep Greece inside the euro.

Failure to complete a deal would still not be the end of the line.

An EU leaders' summit is scheduled next week, and Greece has until March 20 to meet its next, relatively modest, debt repayment of €14.5bn (£12 bn).

Mr Juncker indicated that another delay would be too close for comfort: "I am of the opinion that today we have to deliver, because we don't have any more time."