Eurozone finance ministers on Thursday night agreed to attach
additional conditions to Greece’s 130-billion-euro bailout deal and
postponed the final decision until next Wednesday, the meeting’s
chairman said on Friday.
Finance ministers from the 17 euro countries met on Thursday night in
Brussels for discussions on the bailout package for Greece, which is
teetering on the brink of financial collapse.
“We did not have all the elements necessary for making decisions on the
table today,” Jean-Claude Juncker, who chaired the meeting, said.
He named three requirements for Greece to secure the bailout: firstly,
Greece needs additional 325 million euro ($432 million) in savings for
2012, secondly, the Greek parliament will have to pass the package of
cuts and reforms and thirdly, Greek political forces should guarantee
that the austerity measures will continue to be implemented regardless
of the outcome of April’s elections.
“The final decision will be taken next week. The Eurogroup is to
convene on Wednesday, it will be made if Greece complies with the
terms,” Juncker said.
The announcement comes hours after Greek political leaders finally
struck a deal on new austerity measures demanded by creditors to secure a
130-billion euro bailout to avoid default and keep the country afloat.
The deal included pension and wages cuts.
The troika of international lenders comprising the European Central
Bank, the European Commission and the International Monetary Fund
demanded from Greece to introduce pension budget cuts as well as to cut
additional income in private sectors, to reduce minimal wages and
insurance payments.
Greecehas been receiving financial support from the EU and the IMF
since May 2010 to reduce the country's large budget deficit. However,
the austerity measures approved by the government have sparked numerous
riots and strikes, and the Greek government has missed its targets.
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