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Euro zone finance ministers set to clear Greek aid tranche

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Euro zone finance ministers set to clear Greek aid tranche


As euro zone finance ministers talked in Luxembourg on Sunday about more aid money for Greece, Germany’s finance ministers’ Wolfgang Schaeuble said they are ready to pay out the 12 billion euros that is next part of Athens first EU/IMF bailout, but key decisions on that lie with Greece’s leaders.

They are also expected to discuss a second bail-out for Greece and the head of the eurogroup of finance ministers, Jean-Claude Juncker, said there are still many details to be worked out, particularly on how much of a loss non-government investors would be prepared to accept.

Juncker said: “The question is how far can private creditors’ go in participating, given the fact, that this could very quickly lead to a decision by the rating agencies that is neither in the interest of Greece nor the whole of the euro zone.”

Greece’s newly appointed finance minister Evangelos Venizelos said Athens remains fully committed to the EU/IMF financial aid programme: “We can achieve our target thanks to the efforts of our people and thanks to the cooperation and the assistance of our partners”.

The ministers are desperate to stop Greece’s debt crisis spilling over onto the rest of the euro zone.

Margherita Sforza, the euronews correspondent covering the ministers’ talks, said: “Prudence is the word you are hearing here in Luxembourg. Diplomatic sources say a quick decision from the finance ministers on the second aid package for Greece in not likely, they prefer to wait until after the Greek government’s vote of confidence on Tuesday. But the euro zone can’t afford all this indecision as the financial markets are looking for something more definite.”

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