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Eurozone fails to reach Greece deal

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21/11/2012
Eurozone finance ministers have failed to reach a deal to give Greece the next tranche of its bailout, after 12 hours of talks.
Eurozone fails to reach Greece deal

Ministers said they had made progress on measures to reduce Greek public debt, but needed more time for technical work, the BBC reports. Further meetings will be held on Monday.

“The Eurogroup has had an extensive discussion and made progress in identifying a consistent package of credible initiatives aimed at making a further substantial contribution to the sustainability of Greek government debt,” chairman of the Eurogroup Jean-Claude Juncker said.

Ministers have been considering ways of reducing Greece’s public debt, which is projected to rise to 189% of GDP by next year.

The country’s bailout programme aims to reduce this to 120% of GDP by 2020. Greece needs the next tranche of its bailout to avoid insolvency.

However, eurozone ministers and the IMF have disagreed over how to make the country’s debt manageable.

Greece has already received nearly 149bn euros from the eurozone and the IMF out of 240bn euros that has been approved in two bailout loans.

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