Eurozone ministers to decide on Greece bailout

Eurozone ministers to decide on Greece bailout

Eurozone Finance Chiefs are gathering in Brussels for a meeting that could decide whether new Greek proposals are sufficient to secure a third bailout and prevent a possible eurozone exit. Greece’s Parliament overnight backed Prime Minister Alexis Tsipras’s new package.

But he faced anger from some in his own party for proposing measures that were rejected in a referendum last Sunday. Some creditors gave an initially positive reaction to the plans but a bailout agreement is far from certain.

The creditors – the European Commission, European Central Bank and International Monetary Fund – have sent a first joint assessment to the Eurozone Ministers. Greece is asking creditors for 59.47 billion dollars to cover Greece’s debts until 2018, but the amount of the new bailout could reach 74 billion euros, as Greece is seeking a restructuring of its massive debt, which it says is unsustainable.