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Euro zone finmins insist on more Greek reforms


Euro zone finmins insist on more Greek reforms


Euro zone finance ministers are stepping up the pressure on Greece as the debt crisis for the region enters a new and critical phase.

They have told Athens it has to approve stricter austerity measures before a final decision is made on the release of the next tranche of EU/IMF loans.

Meeting in Luxembourg, the ministers indicated the next 12 billion euros in aid would be paid by mid-July, allowing Greece to avoid default, but only if it shows progress on plans to cut spending, raise taxes and privatise more.

Eurogroup president Jean Claude Juncker said: “It is very important that the Greek parliament votes for the necessary legislation in the recommended time so that we can reach good decisions [on providing more financial support].”

Juncker added that Prime Minister George Papandreou had assured him that the Greek government would do everything necessary to pass a new austerity package.

He said the single currency bloc’s finance ministers plan to hold another meeting on July 3 to assess whether or not the Greek government has “fulfilled” its obligations.

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