Failed Eurogroup talks leave Greece three days for reforms
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Failed Eurogroup talks leave Greece three days for reforms
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Failed Eurogroup talks leave Greece three days for reforms

(AGI) Brussels, July 12 - Eurozone finance ministers wereunable to reach an agreement on Greece's bailout conditions onSunday after fourteen hours of deliberation over a draft of thepackage. According to the Eurogroup document, Greece will need82 billion to 86 billion euros in new aid. With many sectionsof the proposed package remaining disputed, however, the draftwas niether approved nor sent to the euro zone's heads ofstate. In the document, the Eurogroup gave Greece till July 15to enact a series of new laws, including reforms on its pensionsystem and VAT, adopting a civil
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(AGI) Brussels, July 12 - Eurozone finance ministers wereunable to reach an agreement on Greece's bailout conditions onSunday after fourteen hours of deliberation over a draft of thepackage. According to the Eurogroup document, Greece will need82 billion to 86 billion euros in new aid. With many sectionsof the proposed package remaining disputed, however, the draftwas niether approved nor sent to the euro zone's heads ofstate. In the document, the Eurogroup gave Greece till July 15to enact a series of new laws, including reforms on its pensionsystem and VAT, adopting a civil procedure code to save thecourts time and money, safeguarding the independence of itsnational statistics institute (ELSTAT), fully implementing EUlaws on automatic spending cuts, and transposing the EU bankrecovery and resolution directive into Greek legislation withina week, with the European Commission's support. In the closingparagraphs of the draft, the Eurogroup expressed seriousconcerns over the sustainability of Greek debt. The documentalso mentioned a hypothetical temporary "Grexit" with thepossibility of debt restructuring; a provision which was likelyone of the main causes for the euro zone finance ministers'lack of agreement. . .

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