Greece bailout decision looms

Published on Wednesday, 28 September 2011 09:15
Posted by Scott Buckler

European Commission, European Central Bank (ECB) and International Monetary Fund (IMF) officials are expected in Athens later to review Greece's progress in cutting its debt levels


They hold the key to releasing further bailout money the country badly needs.On Tuesday, Greek Prime Minister George Papandreou hailed his country's "superhuman" efforts to cut its budget.

The review comes amid reports of a split among eurozone members about further support for Greece.

Citing "senior European officials", the Financial Times said a number of the bloc's 17 members want private investors to take a bigger hit in the proposed restructuring of Greece's debts.

Eurozone members are in the process of ratifying proposals put forward in July, one of which would see private lenders writing off about 20% of their loans to Greece.

The proposals also included expanding the powers of the eurozone bailout fund.

Germany will vote on the plan on Thursday.

Source: BBC News

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