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Eurozone Finance Ministers Meet On Greek Bailout

Finance ministers of the 17 countries that share the common European currency, the euro, are meeting to seek agreement on unlocking vital loan aid for Greece.

The meeting in Luxembourg comes after the Greek government on October 2 said its budget deficit would be cut in 2011 and 2012, but would miss targets set by the European Union and the International Monetary Fund.

The deficit targets are linked to a bailout package Greece needs to avoid running out of money.

The Greek government's announcement heightened fears of a Greek debt default, and with stocks on Asian and European financial markets falling sharply.

compiled from agency reports