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:

Monetary Policy Committee

Reuters Showcase

Microfinance

Microfinance

Funding the unfunded: India helps small business borrow to grow  Full Article 

Insurance Sector

Insurance Sector

UK healthcare firm Bupa sees strong growth in India  Full Article 

Sensex Rises

Sensex Rises

Sensex edges up; consumer and healthcare stocks rise  Full Article 

Market Eye

Market Eye

FTSE adds nine Indian firms as large-caps in Asia-Pacific ex-Japan index   Full Article 

Indian Ocean Diplomacy

Indian Ocean Diplomacy

PM Modi to ramp up help for Indian Ocean nations to counter China influence  Full Article 

ECB Bond-Buying

ECB Bond-Buying

ECB raises growth forecasts, to start printing money next week  Full Article 

China Economy

China Economy

China signals "new normal" with lower annual growth target  Full Article 

Pharma Sector

Pharma Sector

Panel recommends waiving late-stage trials for some drugs  Full Article 

E-commerce

E-commerce

China backs e-commerce expansion in win for Alibaba, JD.com  Full Article 

Reuters India Mobile

Reuters India Mobile

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