Eurozone finance ministers to meet for Greece bailout talks

Eurozone finance ministers to meet for Greece bailout talks

PanARMENIAN.Net - Eurozone finance ministers are set to meet in Brussels later on Monday, November 26 to discuss the next installment of bailout money for debt-laden Greece, BBC News reported.

Greece is due about 31bn euros ($40bn; £25bn) in bailout loans. However, eurozone members fundamentally disagree on how to deal with Greece's vast debt mountain.

It will be the third such meeting in two weeks. Greece was supposed to get the money back in May, and is being kept afloat on emergency loans

The meeting is aimed at reaching agreement among the 17 eurozone members about creating a plan to return Greece to financial health.

The ministers also need to reach agreement with the International Monetary Fund over how best to keep Greece funded and reduce its debt, which is expected to reach 190% of its gross domestic product next year.

They want to get that rate down to 120% in the next eight-to-10 years.

Until they can see eye-to-eye over how to do that, they are reluctant to release any more loans to the country for fear the support will become permanent.

On Sunday, French Finance Minister Pierre Moscovici said it would be "irresponsible" to fail to reach an agreement this time around "given the efforts everyone has made". He said the eurozone was "very close to a solution."

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