Eurozone finance ministers edge towards Greek deal

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Eurozone finance ministers edge towards Greek deal

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Eurozone finance ministers are close to a deal on paying out the next installment of bailout aid to Greece.

It could be approved as early as Tuesday, although the money will not be disbursed before December.

Plans to reduce Greek debt to sustainable levels will require further talks.

Eurogroup president Jean Claude Juncker said: “It’s clear that Greece has delivered. We’ll need to agree on some details, but i think chances are high that we come to an unanimous final solution this evening.”

Greek public debt will likely peak in 2013 to 190% of GDP due to its deepening recession. The troika initially wanted it to be 120 percent by 2020, but it is predicted to be closer to 150 percent.

The EU is ready to give Greece two more years to reach that goal, but officials will have to convince the IMF to agree.

IMF Managing Director Christine Lagarde said: “We are going to work very constructivly to see if we can find a solution for Greece, thats what is really our goal, our purpose and our mission.”

Euronews correspondent in Brussels Isabel Marques da Silva said “the Greek government wanted to show its will to implement the cuts in the coming months and has already announced a cabinet reshuffle for December.”