“The payout will take place because it has already been approved,» Amadeu Altafaj, spokesman for European Union economy commissioner Olli Rehn, told AFP on Wednesday.

The warnings came after the leader of the radical left-wing party charged with forming a government vowed to rip up the nation’s bailout agreement with its debtors and cancel all austerity measures. The SYRIZA president also asked Mr. Venizelos and Samaras to send letters to the EU and the IMF whereby they will withdraw their memorandum commitments.

Fears have resurfaced of Greece quitting the eurozone before the end of the year.

Even the leaders of the outgoing Pasok-New Democracy coalition that signed off on the agreement with the International Monetary Fund and European Union on March 9 are beginning to suggest that the deal be renegotiated.

New Democracy leader Antonis Samaras said that it was “certainly realistic” to renegotiate the bailout terms while his socialist rival Evangelos Venizelos, who heads Pasok, also said it was necessary to “look for the best amendment possible of the terms” of the agreed austerity measures, according to Kathimerini.

Although left-wing Syriza party chief Alexis Tsipras came second in the polls, it has been tasked with forming a government as the party that won the most votes, New Democracy, failed to gain enough support for a coalition on Monday.

Eurozone finance ministers are due to meet on Monday in Brussels.

Sunday’s general elections did not produce a clear-cut winner in Greece, and if a new government cannot be formed by May 17, new elections will be called.