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Eurozone Gives Greece More Time on Budget Targets  Join our daily free Newsletter

MENAFN - Qatar News Agency - 13/11/2012

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(MENAFN - Qatar News Agency) Eurozone ministers have agreed to give Greece two more years, until 2016, to meet its deficit-reduction targets.

However the finance ministers delayed a decision on releasing the latest 31.5bn euro tranche of bailout funds, according to the (BBC).

Differences also emerged among Greece's lenders on how to make its debt sustainable into the next decade.

Greek PM Antonis Samaras has warned that without the new funds Greece will run out of money within days.

The ministers meeting in Brussels endorsed a proposal to extend from 2014 to 2016 a deadline for Greece to reduce its budget deficit, as demanded by international lenders.

The proposal was contained in a report for the ministers which also said the extension would add 32.6bn euros about (41.4bn) to the cost of the bailout.

 






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