07 Nov '11, 3am

Eurozone presses Greece to live up to promises

BRUSSELS: Eurozone finance ministers meet Monday to press the future Greek coalition government to roll out tough austerity measures in return for new aid the nation needs to avoid default. The talks in Brussels follow a dramatic deal in Athens late Sunday, with Prime Minister George Papandreou agreeing to step down to make way for a national unity government expected to ratify a crucial debt rescue package. The eurozone is holding back eight billion euros ($11 billion) in loans from an existing 110-billion-euro bailout until Athens clearly commits to the massive debt reduction deal that was agreed in late October. Greece needs the cash by mid-December to stay afloat, but European leaders want Athens to show it will fulfill its end of the bargain after Papandreou stunned partners with a short-lived bid to put the deal to a referendum. "The Greeks must prove that they will ...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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