EUROZONE FINANCE MINISTERS are to meet in Brussels today to decide whether to grant Greece a €130 billion bailout package, rescuing it from a potentially disastrous default.
A county on the brink of bankruptcy, Greece has seen austerity measures demanded by its creditors met with protests, riots and violence in recent months.
Despite the harsh economic conditions and Germany’s accusations that Athens is not doing all it can, eurozone leaders are confident that a deal will be reached today to allow for the timely release of the €130 billlion.
Greece is due to pay out on a €14.5 billion bond on 20 March.
As his government’s commitment to the single currency and the already-agreed austerity measures is questioned, prime minister Lucas Papademos has travelled to Brussels for the talks with the finance ministers.
Today’s meeting could “result in the need to take very important decisions for the country and require immediate and thorough consultation between the Prime Minister and Minister of Finance,” Papademos’ office said in a statement.
He is also expected to hold talks with representatives of Greece’s private creditors on a related €100-billion debt relief deal.
More reform measures are due to be pushed through parliament today, including wage and pension cuts. However, Germany and other eurozone countries have shared their concerns that Athens will not push through €3.3 billion in cuts and tax increases.
If ratified today, this will be Greece’s second multi-billion bailout from the EU and International Monetary Fund. In 2010, €110 billion was granted to Athens.
The second bailout was agreed back in October but several issues have arisen since to delay the release of the money.
-Additional reporting by AP
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