Friday 9 December 2016

Meeting of eurozone finance ministers ends without agreement on new bailout deal for Greece

Published 07/07/2015 | 16:44

Greek Prime Minister Alexis Tsipras arrives at a euro zone EU leaders emergency summit on the situation in Greece, in Brussels, Belgium, July 7, 2015. Reuters/Yves Herman
Greek Prime Minister Alexis Tsipras arrives at a euro zone EU leaders emergency summit on the situation in Greece, in Brussels, Belgium, July 7, 2015. Reuters/Yves Herman

THE meeting of the eurozone finance ministers has ended without agreement on a new bailout deal for Greece.

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The newly appointed Greek Finance Minister Euclid Tsakalotos did not bring a bailout proposal to the meeting as expected but rather spoke about the general issues facing Greece.

However, it is expected an official request for a third bailout will be made tonight or early tomorrow

After the four hour meeting in Brussels finance ministers warned that time was running out for Greece and the threat of a Greek exit from the eurozen was still a possibility.

Finnish Finance Minister Alexander Stubb said the “bargaining and bickering” had ended and the talks had come to the “end of a road”.

“We need a deal and we need it really fast. Time is running out,” Mr Stubb said as he left the meeting.

He said the “ultimate deadline” was July 20 when Greece is due to pay the European Central Bank €3.5bn.

“I think everyone is aware of that - the institutions, Greece and the rest of the euro,” he added.

Mr Stubb said the eurozone was not trying to push Greece out but said said everyone had to prepare options.

He described the new Greek Finance Minister, who yesterday sensationally replaced the controversial Yanis Varoufakis, as “pleasant and mild mannered”.

Spanish Finance Minister Luis de Guindos also confirmed the Greeks did not bring a bailout proposal to the table and warned that time was running out.

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