"The promise we made at the end of 2012 is still valid. But it was conditional on the Greek government sticking to all its commitments in the program, which has not happened," Jeroen Dijsselbloem told a news conference.
"It would require in other words a positive review of the program and we are nowhere near -- we don't even agree on what should be done to come to that review," he said.
"The second condition would be whether from a debt sustainability point of view it is necessary to do more. 'If necessary', were the exact words," he said.
The European Stability Mechanism ESM -- the euro zone b bailout fund -- said in its annual report on Thursday that Greek debt, even at 175 percent of GDP, was high but sustainable thanks to long maturities of the loans and a 10 year interest repayment deferral.
Euro zone finance ministers said in a statement in November 2012 that they will "consider further measures and assistance, including inter alia lower co-financing in structural funds and/or further interest rate reduction of the Greek Loan Facility, if necessary, for achieving a further credible and sustainable reduction of Greek debt-to-GDP ratio"
But to get there, Greece had to first reach an annual primary surplus, as envisaged in the bailout plan, "conditional on full implementation of all conditions contained in the program."
"So that promise is still valid, but the conditions were quite clear," Dijsselbloem said.
(Reporting By Jan Strupczewski)
