BRUSSELS – Two steps forward, one step back. So goes the frenzied effort across Europe to bail out Greece and save it from a potentially devastating default on its debts.

A meeting of the finance chiefs of the 17 euro countries to discuss Greece’s second multibillion bailout planned for today was called off Tuesday evening after Athens failed to deliver in time on several demands made by its partners in the currency union.

The last-minute cancellation of the meeting shows the eurozone wants much tougher guarantees now from Athens before giving it an extra $171 billion in rescue loans, on top of $145 billion granted in 2010, raising fears that the deal could still fall apart.

Today’s meeting had been expected to give the green light for a bond-swap deal with private creditors designed to slice some $132 billion off Greece’s debt.

Tensions between Athens and other European capitals have hit new highs this week.

“Greece has made all the efforts that it needed to do, and the people cannot take any more,” Greece’s Public Order Minister Christos Papoutsis said after a Cabinet meeting. “The government is making superhuman efforts and we have reached the limits of the social and economic system. From now on, Europe has to take the responsibility.”

The Parliament in Athens faced down violent protests over the weekend to approve a far-reaching new austerity package. On Tuesday, the cabinet of ministers spent hours discussing how to save an extra $360 million demanded last week by the eurozone.

The other finance ministers also want assurances from the leaders of Greece’s two main political parties that they will implement the promised spending cuts and reforms after national elections expected for April. Some commentators say it undermines democracy.