Eurozone finance ministers delay Greek bailout

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Eurozone finance ministers delay Greek bailout

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Eurozone finance ministers have held back on approving a 130-billion-euro rescue for Greece.

They want to wait until the Greek parliament passes the new austerity package before giving the green light to a second bailout.

Luxembourg Prime Minister Jean-Claude Juncker, who chairs the Eurogroup, said: “We cannot live with a system where promises are made and repeated and repeated and where the implementation measures are from time to time too weak.”

Athens also must finalise a deal that would see investors swap Greek government bonds for ones of a lower value.

That would shave some 100 billion euros off the country’s 350-billion-euro debt pile.

Paul Hackett, euronews’ Brussels correspondent said: “Some progress appears to have been made but serious doubts persists over the Greek government’s latest austerity plans. Eurozone finance chiefs will need much more convincing before they sign off latest bailout cheque. As always during this economic crisis, things appear to be going down to the wire.”