Ongoing talks between Eurozone ministers in Brussels will now focus on how to best handle Greece's troubled economy
Talks between Eurozone financial ministers continued in Brussels today, with discussions now expected to focus on what can be done to prop up Greece’s troubled economy.
Despite a 110bn euro (£94bn) bailout package delivered in 2010, concern is growing that Greece will require further support.
Jean-Claude Juncker, head of the Eurozone group
, said a ‘kind of reprofiling’ of Greek debt may need to be introduced. This would most likely involve repayment delays as agreed between the Greek government and its creditors.
Mr Juncker dismissed the possibility of a ‘large restructuring’ taking place.
"Greece must still step up the implementation of its fiscal and structural reforms and start implementing the ambitious privatisation programme which is worth about 50bn euros and do so without any further delay," he added.
"This is very important part of reducing the debt burden of Greece as the 50bn euros is equivalent to about 20% of the GDP of Greece."
Ministers yesterday approved a 78bn euro bailout package for Portugal, following a 1.58bn euro bailout package for the Irish Republic from the IMF
The Eurozone talks have been somewhat overshadowed by the arrest of IMF boss Dominique Strauss-Kahn, who faces charges of sexual assault following an allegation made by a New York hotel maid.