Friday, November 28, 2014


News

EU Postpones Decision On Next Tranche Of Greek Bailout

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The EU has failed to reach an agreement to grant Greece the next installment of its bailout package.

After twelve hours of talks in Brussels, EU finance ministers said they would meet again on November 26.

Differences remain on how to make Greece's debt more manageable.

The 17-member eurozone supports giving Greece two more years, until 2022 to bring its debt to 120 percent of gross domestic product from an estimated 189 percent in 2013.

However, the International Monetary Fund is resisting such an extension. Greece is seeking to obtain a 31.5 billion-euro ($40.2 billion) tranche from a bailout program.

Nonetheless, if ministers do reach a deal, Athens may get a larger amount of about 44 billion euros ($56 billion) because two additional tranches are due this year.

Based on reporting by AP, dpa, nyt.com

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