The European Union's top economic official praised Greece's reform efforts during his official visit to Athens, in a sign of support for the pro-bailout coalition government before a presidential vote that could trigger its collapse.

The crisis in recent days is now taking serious dimensions, liquidity in the market is decreasing at a fast pace ... and the risk of irreparable damage for the Greek economy is now great," said Yannis Stournaras, the former finance minister who now heads the Greek central bank.

Greece would face funding problems if a snap election failed to produce a government that can wrap up a pending bailout review due to unlock 7 billion euros in aid, Finance Minister Gikas Hardouvelis told the financial daily Naftemporiki in comments published Monday.