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Eurozone ministers extend Greek bailout by two months

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Eurozone ministers extend Greek bailout by two months
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Eurozone finance ministers have given Greece’s bailout a two month extension after Athens failed to agree on the necessary economic reforms to release a final aid payment.

“We need to get this done, we need to – as soon as possible – finalise this review. One month is too short was the general understanding, also from the troika institutions. Two months can be done,” said Jeroen Dijsselbloem, the head of the Eurogroup, the informal body that coordinates policy for the single currency area.

Greece is waiting on a credit line of 1,8 bn euros.

But the government could collapse in two months time if it fails to win the necessary 180 votes to elect the country’s new president.

Greece returned to growth this year after six consecutive years of recession, creditors want more austerity.

But Greek PM Antonis Samaras has repeated said there will be no further cuts with his eyes focused on domestic politics, reports Euronews’ Efi Koutsokosta.

He’ll have to contend with a presidential election and the scenarios for early parliamentary elections.