Euro zone decision on Greece unlikely on Nov 12 - EU source

MEXICO CITY Mon Nov 5, 2012 11:56pm IST

Related Topics

MEXICO CITY (Reuters) - A deal on keeping Greece afloat and providing more bailout money for the near-bankrupt state is unlikely to be reached next week when euro zone finance ministers meet in Brussels, a senior EU official said on Monday.

The official, who was attending the meeting of G20 finance ministers in Mexico City, said the euro zone still had to find a formula to make the Greek debt sustainable and finance it and that several countries, including Germany, also had to discuss the matter with their parliaments.

Athens also needs to push through spending cuts and tax measures worth 13.5 billion euros as well as a raft of economic reforms to satisfy EU and IMF lenders.

"The November 12 meeting will not be the final stage. We're not so much under the gun as it may seem," the official said, adding that Greece could meet its financial obligations without further financial assistance until the end of November or even early December.

"A deal is still likely in November, but not necessarily on November 12," the official also said. "There will be no deal until there is a deal on all the different strings of the package. We will not disburse the next tranche until all details are in place".

(Reporting by Julien Toyer. Editing by Jeremy Gaunt.)

FILED UNDER:
Photo

After wave of QE, onus shifts to leaders to boost economy

DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.

Republic Day

Reuters Showcase

RK Laxman Dead

RK Laxman Dead

'Common Man' cartoonist RK Laxman dead at 93  Full Article 

Banking Revolution

Banking Revolution

India turns to corner shops, mobile phones for banking revolution.  Full Article 

Nuclear Group

Nuclear Group

China urges India to take steps to satisfy standards of NSG  Full Article 

Gold Market

Gold Market

Chinese gold demand holds up ahead of holiday, Indian buying weak  Full Article 

India-U.S. Relations

India-U.S. Relations

Column - U.S. and India should join to balance China's rise  Full Article 

Padma Bhushan

Padma Bhushan

India honours Bill Gates with civilian award  Full Article 

Fashionable Modi

Fashionable Modi

When Modi met Obama, his name was all over - his suit  Full Article 

Nuclear Deal

Nuclear Deal

Obama reveals nuclear breakthrough on landmark India trip  Full Article 

Australian Open

Australian Open

Venus fireworks illuminate Australia Day  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage