The Eurogroup was due to discuss the ongoing second review of Greece's economic adjustment programme and the approval of further financial support amounting to some €86bn.
The meeting comes with Greece due to make a €7.2bn repayment in July. The review has been carried out by the European Commission, the European Central Bank, the European Stability Mechanism and the International Monetary Fund.
Before the meeting, German ECR group MEP Hans-Olaf Henkel called for a massive debt relief for Greece and the withdrawal of the country from the single currency.
Henkel, highlighted Greece's "still prevailing lack of competitiveness."
A high unemployment rate - Greece has an estimated 44 per cent youth unemployment - and the lack of economic prospects are "good reasons" for Greece to leave the eurozone as quickly as possible in order to become more competitive again, he said.
Before that, however, it is necessary to grant Greece a substantial debt relief in exchange. A bankruptcy could be the first step towards improvement, according to Henkel.
"The euro is too strong for Greece and has led to a declining economic performance and destruction of jobs," said Henkel.
A debt relief and the withdrawal of Greece from the euro, he argued, would also make sense for the other euro countries, adding, "First, creditors will not pay for it - the money is already gone, and second, a new, depreciated currency would help Greece to finally regain competitiveness, get economically on its feet again and tackle the unbearable problem of youth unemployment."
Dimitrios Papadimoulis, a Vice President of the European Parliament, said, "On 20 February, we need some white smoke coming out of the meeting so that we're not wasting any more time.
"We need to bring an end to this wretched ping-pong match. It's time for creditors to respect their commitments."
Another Greek MEP, Nikolaos Chountis, said that financial support for Greece must not be made conditional on further cuts to pensions, or other austerity measures.
He said, "The Greek people will say 'no' to the new, disastrous measures that the Greek government and Troika are negotiating.
"They will say 'no' to the euro and the monetary union that aims to put in place permanent austerity, privatisations and neoliberal structural reforms.
"They will fight for their dignity and for democracy."