Greece's euro partners are unlikely to sign off the release of the country's next batch of bailout cash at a meeting next week.
This is despite the fact that its Parliament narrowly backed more unpopular austerity measures late last night.
Germany's Finance Minister Wolfgang Schaeuble said the euro zone is not yet in a position to make a decision on releasing the funds, as many in Athens had hoped.
The 17 euro finance ministers are due to meet on Monday.
"We're not there yet," Schaeuble said in Hamburg. "I don't see how we would get to a decision next week," he said. "Not all is lost, but not all is won."
The approval of the austerity bill, which will further cut salaries and pensions and increase taxes, was a key step towards persuading Greece's international creditors to release the next €31.5 billion installment of the country's vital bailout loans. Without it, the government has said the country will start running out of cash on November 16. Schaeuble's comments suggest an interim financial arrangement may have to be agreed.
Germany, the biggest single contributor to Europe's bailouts, has insisted Greece must first pass its 2013 budget to create the basis on which the country's creditors can make a decision to release the new funds. That vote is scheduled for Sunday and will come as another test to the coalition government of Antonis Samaras.
Parliament's vote in favour of €13.5 billion worth of spending cuts and tax increases came at a cost for the fragile three-party coalition government. Lawmakers voted 153-128 for the package, hours after more than 80,000 protesters demonstrated outside on the streets of Athens - some fighting running battles with riot police.
Only two - the majority conservatives and the Socialists - of the three parties in the coalition backed the austerity package. But there was also dissent in those ranks, with seven lawmakers expelled for failing to back the measures and an eighth saying he was leaving the Socialists to continue as an independent member of parliament.
Nevertheless, the government is not in imminent threat of collapse as the third party, the Democratic Left, which abstained from the austerity vote, insists it will continue as a coalition member. The three parties are expected to present a united front in the budget vote.
Greece has relied on rescue loans from its euro partners and the International Monetary Fund since 2010. In return, it has had to implement a series of austerity measures which have hit the economy hard. Greece is set to enter its sixth year of recession in a row.
Meanwhile, figures today showed unemployment figures up at 25.4% in August, increasing from 24.8% in July and 18.4% the year before. More than 1.2 million people in this country of barely 10 million are now unemployed, with 58% of all young people aged 15-24 are unemployed.
Greece's €240 billion package is released in installments, depending on the country's progress in reining in its deficit and reforming the economy. But the latest payment has been delayed for five months, due to political uncertainty in the spring that forced two national elections in as many months and subsequent delays in agreeing on the new cutbacks.
Schaeuble acknowledged the Greek government's progress of passing yet another set of austerity measures "despite the protests and the general strike" but he also cautioned that more needs to be done.
The new cutbacks include further, deep pension cuts and tax hikes, a two-year increase in the retirement age to 67, and laws that will make it easier to fire and transfer civil servants who are currently guaranteed jobs for life.
Unions have pledged to hold new strikes and protests, and taxi drivers and Athens metro, tram and urban rail workers walked off the job today.