Greek bailout deal to be decided in "due time"-Van Rompuy

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November 6, 2012 11:28 PM EST

A deal to keep Greece afloat by providing more bailout money will be agreed in "due time" once a report on the country is finalised by the troika of the IMF, the European Commission and the European Central Bank, European Council President Herman van Rompuy said on Tuesday.

A senior EU official told Reuters on Monday that a deal was unlikely to be struck next week when euro zone finance ministers meet in Brussels, on November 12.

"We need more time to reach agreements on privatisation law," Van Rompuy told reporters after a summit of Asian and European leaders in Laos. "In any case, the Europe group meeting on 12 November remains on the agenda."

The senior official told Reuters the euro zone still had to find a formula to make Greek debt sustainable and that several countries, including Germany, had to discuss the matter with their parliaments.

Athens also needs to push through spending cuts and tax measures worth 13.5 billion euros ($17.5 billion) as well as a raft of economic reforms that will satisfy EU and IMF lenders but anger the Greek population.

"The decision on this will be taken by the Europe group after analysis of the troika report, which is in the stage of finalisation in Athens," Van Rompuy added.

He urged the Greek government and leading political parties to decide on what is needed to reach an agreement with the troika, adding "I'm quite sure this will be done in due time".

(Reporting by Martin Petty and Paul Carsten; Writing by Stuart Grudgings; Editing by Robert Birsel)

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