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MENAFN - Kuwait News Agency (KUNA) - 22/11/2012

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(MENAFN - Kuwait News Agency (KUNA)) Finance ministers of the 17 member Eurogroup ended an all-night meeting Wednesday morning without reaching an agreement on payment of the next tranche of financial bailout for Greece.

The President of the Eurogroup, Jean Claude Juncker, in a statement today said the Eurogroup will meet again on 26 November for further technical
work on the financial aid package.

"The Eurogroup commended the considerable efforts made by the Greek authorities and citizens to reach this stage.

Against this background, the Eurogroup has had an extensive discussion and made progress in identifying a consistent package of credible initiatives aimed at making a further substantial contribution to the sustainability of
Greek government debt," noted the statement.

"The Eurogroup interrupted its meeting to allow for further technical work on some elements of this package. The Eurogroup will reconvene on Monday, 26 November," it added.

Greece now has to wait till next week to see if installments of 44 billion Euros will be paid.

The Greek government has said that it will run out of cash reserves by the end of November.

 






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