EU Ministers Fail to Take Final Decision on Greece Bailout
By Prasanth Aby Thomas | November 21, 2012 6:01 PM EST
European Union finance ministers have failed to reach a decision on Greek's much-needed bailout funds for the second week running, prolonging the discussions further.
After almost 12 hours of negotiations, the group of ministers said that they have made significant progress on the matter, but needed more time to sort out some technicalities.
"We are close to an agreement but technical verifications have to be undertaken, financial calculations have to be made and it's really for technical reasons that at this hour of the day it was not possible to do it in a proper way and so we are interrupting the meeting and reconvening next Monday," said Eurogroup chairman Jean-Claude Juncker, adding that there are no major political differences on the issue.
The group will meet again on 26 November to continue discussions. Greece, which has an unemployment rate of 25.1 percent, has made it clear that it urgently requires the bailout funds to avert bankruptcy.
The unexpected delay pushed the Euro further down against the Dollar.
The Eurogroup has been pondering ways to cut down Athens' public debt, which was forecast to reach 189 percent of GDP by 2013. The bailout programme seeks to reduce the debt to 120 percent of GDP by 2020.
However, it has been pointed out that Athens may not be able to reduce debts to the proposed levels without the eurozone member states writing off some of their loans to the country, according to a Reuters report citing a document drafted for the ministers.
Earlier there had been differences of opinion between the International Monetary Fund (IMF) and ministers on ways to make Greece's debt manageable. The latter wanted to give Greece more time to bring its debts down.
The latest meeting was widely expected to result in a final decision, especially after Athens approved the austerity mandates for the bailout despite wide public protests.
Eurozone leaders including Angel Merkel, as well as the Eurozone ministers, have commended Greece on the efforts taken to proceed with the bailout conditions.
To contact the editor, e-mail:
Join the Conversation
- Travel Alert: Australia Mulls To Review Airport Security Policy, Could Allow Scissors, Metal Cutlery Back In Planes
- 5 Likely Reasons Why You Are Not Getting Hired
- This Is How Obesity Weighs Down Global Economy By 2 Trillion Dollars Every Year
- Consumer Alert: Retailer Simons Goes Out Of Quebec, To Open Five Stores Across Canada
- Signs That You Are A Smartphone Zombie (And The Dangers This Poses)
- Russia Is Ready for Shooting War, Will Likely Win Looming Nuclear Showdown with U.S. – Report
- Kobani ISIS Fighter Sends Out Desperate Message For Prayers And Support: Euphoria Turns Into Desperation As Kurds Advance
- Home Depot Early Black Friday 2014 Sale Up To Nov. 29, 2014 Includes Special Buys On Appliances Such As Samsung Refrigerators, Whirlpool Electric Ranges And Hoover Vacuum Cleaners
- Microsoft Band Runs Out Of Stock, But Offers $10 Gift Voucher To Wait-Listed Customers
- Google Joins Forces with GoPro Inc with New Google Maps Focusing on Destination
- Target Early Black Friday 2014 Sale Ad Released For Nov. 26, 2014 Includes Deals On Toys, HDTVs And Video Games Such As ‘FIFA 15’ And ‘NHL 15’ For Xbox 360 [WATCH VIDEO]
- 16GB iPhone 6 for $99 at Sam’s Club is the Best 2014 Black Friday Deal Around