13 Nov 2012

Greek loan deadline meeting

6:02 am on 13 November 2012

Eurozone finance ministers are meeting in Brussels to discuss whether to release new funds to Greece.

Athens hopes it has done enough to secure the next instalment of bailout money, after passing a budget for 2013 that involves large spending cuts.

Prime Minister Antonis Samaras earlier warned that the country would run out of money within days without the new loan.

MPs approved the 2013 budget, which includes further cuts to pensions and wages, in a vote on Sunday night.

The BBC reports the budget was a pre-condition for Athens to be granted a loan of 31.5 billion euro (£25 billion; $US40 billion) by the European Union and the IMF.

Greece faces a deadline for repayment of 5 billion euros of debt on Friday.