Eurozone ministers seek to secure Greek debt deal

Written By Unknown on Senin, 26 November 2012 | 22.40

EU Economic and Monetary Affairs Commissioner Olli Rehn has urged eurozone finance ministers to conclude an agreement, which will release billions of euros of bailout funds for Greece.

Arriving at the meeting in Brussels, Mr Rehn said it was vital to end the uncertainty which was hanging over Greece, and this meant eurozone finance ministers had to deliver today.

Minister for Finance Michael Noonan has joined his eurozone colleages for their third meeting on Greece in three weeks - but there's still no guarantee agreement will be secured.

That's because Greece's international lenders, the EU and International Monetary Fund continue to disagree over the target by which Greece is supposed to have brought its debt down to a sustainable level.

The Greek Finance Minister, Yannis Stournaras, sounded an optimistic note this lunchtime saying: "I'm certain we will find a mutually beneficial solution today."

The IMF Managing Director, Christine Lagarde, struck a more combative tone, saying the solution must be "credible for Greece".

The IMF argues strongly that Greek debt can only be made sustainable if eurozone governments write off some of their loans to Athens, but Germany is opposed; an ECB official said it wasn't for discussion today.

Mr Rehn called for a compromise said it was vital for Athens to secure access the next €31bn tranche of bailout funds - money supposed to have been released last May.


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