Euro zone ministers mull Greek aid payment

As Greece slips nearer to the abyss of sovereign default, euro zone finance ministers are meeting in Luxembourg to discuss whether the country has been enough to qualify for more emergency funding.

Athens said yesterday it will miss budget deficit targets set by the so-called troika — the IMF, the European Central Bank and the European Commission.

A final decision on whether to pay out the next 8 billion euros in aid is expected on October 13.

Ministers will also focus on how to increase the bloc’s 440-billion-euro bailout fund, known as the European Financial Stability Facility.

Investor worry over how Europe’s banking sector could be hit by a Greek default saw stocks fall in morning trading on Monday.

The major markets in London, Paris and Frankfurt were all down by two to three percent.

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