22 Nov 2012

Still no deal on more funds for Greece

7:45 am on 22 November 2012

Eurozone finance ministers have failed to reach agreement on releasing more bailout funds to Greece so it can avoid bankruptcy.

After 12 hours of talks in Brussels, the ministers said early on Wednesday they had made progress on a package of measures to reduce Greek debt, but would meet again next week for further discussions.

Correspondents say there has been disagreement on how to make the country's debt manageable.

Greek Prime Minister Antonis Samaras said: "It's not only the future of our country, but the stability of the entire eurozone (that is at stake)."

The ministers are to meet again on 26 November.

Greece needs the next tranche of its second bailout worth 130 billion euros ($US166 billion) to avoid insolvency. Its public debt is projected to rise to 189% of gross domestic product by next year.

The bailout programme aims to get debt down to 120% of GDP by 2020.

So far, Greece has received nearly 149 billion euros (£119 billion; $US191 billion) from the eurozone and the International Monetary Fund, out of 240 billion euros that has been approved in two bailout loans.