New deadline for Greece set after another stalemate

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Posted on May 23, 2017, 1:16 pm
6 mins

Hopes for a breakthrough in negotiations for cash-strapped Greece were dashed again and another deadline was set.

Greece once again failed to get approval from its European creditors to receive the next batch of bailout loans that it needs to meet a debt repayment hump this summer. It also failed to secure an agreement on the sort of debt relief measures it can expect to get when its current bailout program ends next year.

Without the loans, Greece faces another brush with bankruptcy. The Greek government had hoped that Monday night’s meeting of the eurozone’s 19 finance ministers would at least have seen it cleared to get the money. After all, it legislated for further cuts and reforms last week to meet creditor demands.

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