19 Jun '11, 10am

Crunch week kicks off for Greece: LUXEMBOURG - A crunch week for Greece kicks off on Sunday with European Union

Crunch week kicks off for Greece: LUXEMBOURG - A crunch week for Greece kicks off on Sunday with European Union

LUXEMBOURG - A crunch week for Greece kicks off on Sunday with European Union backers set to release summer cashflow to save Athens from early default, before shaping second major bailout to appease nervous markets. Eurozone finance ministers gather in Luxembourg from 7:00 pm (1700 GMT), including Greece's Evangelos Venizelos, the former defence minister parachuted in on Friday to manage the crisis for a reshuffled government facing a vote of confidence over its tough austerity plans. Greece's 16 euro currency partners are expected to grant their 8.7-billion-euro share of a 12-billion-euro tranche of bailout funding for the stricken economy. A further 3.3-billion-euro portion from the IMF should follow once an outline deal on financing through to the end of 2014 is agreed. These will be the fifth tranche of payouts from a 110-billion-euro (US$156 billion) EU-IMF loan packa...

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

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