Eurozone finance ministers defer decision on Greek bailoutoin
Updated: 2012-02-15 05:26
BRUSSELS - Eurozone finance ministers have decided to cancel a meeting slated for Wednesday to approve a second bailout program for Greece in order to stave off a chaotic default, the Eurogroup head Jean-Claude Juncker said in Brussels Tuesday.
"I did not yet receive the required political assurances from the leaders of the Greek coalition parties on the implementation of the program," Juncker said in a statement.
Eurozone finance ministers demanded Athens to find an extra 325 million euros (425 million US dollars) in savings, pass painful austerity and reform measures in the Greek parliament, and provide written guarantees that the unpopular cuts would be implemented even after elections of a new government in April in exchange for a 130-billion-euro bailout package.
Without the package, Athens would not be able to redeem 14.5 billion euros in bonds next month.
Juncker, also head prime minister of Luxembourg, said the finance ministers had decided to switch the meeting to a conference call, and that "further technical work" was needed "in a number of areas."
At the conference call, Eurozone finance ministers would discuss the outstanding issues and prepare their next meeting of on Feb. 20, Juncker said.