BRUSSELS – Finance ministers from the 17 EU countries that use the euro are trying to hammer out a deal that will prevent the imminent bankruptcy of Greece.
The ministers, meeting Monday in Brussels, have for weeks failed to agree a strategy that will allow them to release some €44 billion ($56.8 billion) for the cash-strapped country.
The expectation is that Greece will get the money and an extra two years to make the reforms that are a condition of the bailout. But that extension would cost several billion more and that's lain at the heart of disagreements on the way forward.
Several proposals have been aired to plug the financial hole, including reducing the interest rate Greece pays on loans it is getting from euro partners and the International Monetary Fund.