14 Nov 2012

More time granted to Greece

6:38 am on 14 November 2012

Greece has been given another two years to make deeper budget cuts as the nation struggles to meet the terms of its financial bailout.

In return for the extra time, Greece will have 32.6 billion euros added to its debt bill from the European Union and the International Monetary Fund.

However, Eurozone finance ministers in Brussells have delayed a decision on releasing the latest tranche of bailout funds, worth 31.5 billion euro ($US40 billion).

The ministers will meet again on 20 November to discuss releasing the latest instalment of funds.

But the tranche will first have to be approved by some national parliaments, including Germany's.