Greece prepared Thursday to name a coalition government to renegotiate its onerous EU-IMF bailout terms as eurozone finance ministers convened in Luxembourg in a search for a new crisis plan.

Greece prepared Thursday to name a coalition government to renegotiate its onerous EU-IMF bailout terms as eurozone finance ministers convened in Luxembourg in a search for a new crisis plan.

The three parties in the coalition that emerged from a critical Sunday election and three days of talks were holding a final meeting to hammer out a common policy statement and appoint the cabinet.

The conservative New Democracy party, whose victory in the election eased fears of an immediate Greek euro exit, is the senior coalition partner and its leader Antonis Samaras was sworn in as prime minister on Wednesday.

The Eurogroup gathers in Luxembourg from 1400 GMT, for what is expected to be a battle on the Greek and Spanish fronts as well as a huddle on runaway borrowing costs for Italy and a last-minute Cypriot cry for help.

A top EU bailout official told the eurozone Thursday that it must order Greece to make fresh budget cuts or raise more taxes, warning that eurozone members will otherwise have to cough up more cash themselves.

Greece's second bailout, which is stuck in limbo after voters challenged European Union and International Monetary Fund austerity measures, is "totally off track, months behind schedule," the official, Thomas Wieser, told AFP.

In the absence of a full government team, Greece will be represented at the Eurogroup by outgoing finance minister George Zannias, Greek news reports said.

After being sworn in on Wednesday, Samaras vowed to do his utmost to restore growth after five years of recession and promised his people much-needed hope.

The government's first priority will be to restore contact with international auditors and resume the flow of loans that was suspended ahead of the election.

The International Monetary Fund is already pressing to send a team of experts to Greece as soon as possible to examine "shortfalls" over the past two months.

Foreign creditors have stressed that they are only willing to give Greece more time to meet a deficit reduction target currently set at 2014 but will not change the actual substance of the bailout deal agreed in February.

Under the current conditions, Greece has to cut 11.5 billion euros ($14.6 billion) -- the equivalent of five percent of its gross domestic product -- by 2014, although Samaras promised in his campaign to try to put this off to 2016.

Greece has been forced to seek bailouts twice after initially hiding its debt woes, first for 110 billion euros in 2010 and then for 130 billion euros earlier this year. It has also had a 107-billion-euro private debt write-off.