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Greece Forced To Borrow More From Markets

Another delay to the next tranche of aid for Greece forces the country to go cap in hand to the markets for money.

11:06am Tuesday 13 November 2012

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Debt-laden Greece has been forced to tap the financial markets further to avoid bankruptcy after Eurozone finance ministers delayed a crucial aid payment.

The country, which faced a bond repayment on Friday it could not afford, was banking on Eurozone finance ministers releasing a long-delayed 31 billions euros (£23.5bn) to meet the bill.

But at a meeting on Monday night the ministers said they would have to gather again on November 20 to make a decision because there was still work to do on finalising the details of the bailout.

Eurogroup head Jean-Claude Juncker said Greece had made progress on its commitments to reduce debt and the public deficit - and insisted there would be no problem for Athens in rolling

Added: Nov-13-2012 Occurred On: Nov-13-2012
By: gemini
Regional News
Tags: debt, bailout
Location: Greece (load item map)
Views: 1116 | Comments: 44 | Votes: 0 | Favorites: 0 | Shared: 0 | Updates: 0 | Times used in channels: 2
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