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Euro zone ministers court banks over Greece

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Euro zone ministers court banks over Greece


The Greek prime minister has met the European Union president amid calls for Athens to do even more to tackle its financial crisis.

On Wednesday IMF and EU officials gave the green light for Greece to receive the next instalment of a massive bailout fund, but with a must-do-better note attached.

Euro zone ministers are also considering asking banks to accept bigger losses on their holdings of Greek debt.

The EU Commissioner for Economic and Monetary Affairs, Ollie Rehn, told euronews: “It is important that the private sector will also carry part of the burden, as the official sector or taxpayers are carrying part of the burden in terms of loans and guarantees for Greece. What will be the exact impact of these technical revisions will be discussed with the member states in the coming 10 days.”

The head of the EU’s delegation to Athens has told a newspaper that Greece’s minimum wage should also be reviewed to boost business.

Whether or not the Greek public will accept further austerity measures remains to be seen, with strikes and demonstrations increasing.

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