Bloomberg News

European Finance Chiefs Fail to Agree on Greek Aid Payment

June 19, 2011

(Updates with comment from Reynders in second paragraph.)

June 20 (Bloomberg) -- Euro-area finance ministers reached no agreement on a scheduled 12 billion-euro ($17.1 billion) aid payment to Greece, Belgian Finance Minister Didier Reynders said.

“The latest tranche normally should be released in mid- July on the basis of a decision we take in early July,” Reynders told reporters in Luxembourg after a euro group meeting that ended early today.

This is because “we are now starting the negotiations on the participation of the private sector on a voluntary basis” in a second bailout package for Greece and “we have to wait for the decision of the Greek parliament on the enactment of the plan.”

--Editor: Patrick G. Henry

To contact the reporter on this story: Jonathan Stearns in Luxembourg at jstearns2@bloomberg.net

To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net


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