Eurozone finance ministers failed to reach an agreement on a new tranche of aid to Greece during the night from Tuesday to Wednesday and announced that they would meet again on Monday.
In a written statement issued after the marathon meeting, Eurogroup President Jean-Claude Juncker stated that the “Eurogroup has suspended the meeting to allow for further technical work on some elements of the aid package,” and that they would “reconvene on Monday, November 26.”
The Eurogroup praised Greece for fulfilling its obligations. After Greece has completed its part of the work, eurozone ministers need to reach an agreement on the disbursement of the next installment of €31.5 billion under the already approved aid package. There is also an open question of where to find an additional €32.6 billion, needed in case Greece is granted a two-year extension to reduce its public debt to below 120% of its GDP, and an extension from 2014 to 2016 by which it should reduce its budget deficit to below three percent of GDP. International financiers are not in agreement on this issue.
