Greek officials will try to convince officials from the European Union and International Monetary Fund that the country's austerity plans will be tough enough to reduce budget deficits during a conference call Monday. The outcome of the call will determine whether Greece is eligible to receive its next aid payment, due in October.

Prime Minister George Papandreou canceled a planned trip to the United Nations in New York Sunday to chair a Cabinet meeting ahead of Monday's assessment of Greek efforts.

Finance Minister Evangelos Venizelos said after the cabinet meeting that Greece must meet its budget targets and make strategic decisions to avoid default. Venizelos did not announce any new measures, but did say some measures agreed to earlier may need to “moved forward to meet targets.”

Sweden's Anders Borg told the Bloomberg news service that Greece hasn't done enough to meet its budget targets. “They must stick to one message: that they are going to deliver, whatever it takes.”

Greece must satisfy EU and IMF demands for economic reforms and spending cuts if it is to get another installment of last year's $159 billion bailout.

Greece could completely run out of money in October if it does not get the loan installment, threatening financial havoc throughout the EU.

In early Monday trading Asian markets dropped amid fears of the deepening Greek financial crisis.