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Greece Gets More Time To Reform Economy

Prime Minister Antonis Samaras addresses parliamentarians before a voting for the 2013 budget in Athens on November 11.
Eurozone finance ministers meeting in Brussels have postponed releasing more money to Greece.

International lenders and the ministers agreed to give the country two more years -- until 2016 -- to reduce its budget deficit.

The Greek parliament has recently passed more austerity measures and a tough 2013 budget.

However, the ministers on November 12 postponed the decision to release a badly needed installment of 31.5 billion euros ($40 billion), saying they will meet again to discuss releasing the funds on November 20.

The country has already received 150 billion euros ($193.5billion) out of a 240 billion-euro ($310 billion) rescue package in exchange for making tough budget cuts and reforms to its labor market and bureaucracy.

Greek officials say Athens will run out of money for day-to-day payments in days.

One-quarter of Greeks are unemployed, with the country in a sixth year of a deep recession.

Based on reporting by Reuters and AP