Business, Economics and Jobs

EU to meet on Greece; Germany says no decision expected today


Greek Prime Minister Antonis Samaras said that without the next tranche from the EU, Greece will be broke by end of November.


Andreas Rentz

European Union finance ministers will discuss Greece's fiscal reform efforts in a Brussels meeting tonight, reported the Associated Press, but Germany's foreign minister told reporters the group is "unlikely to reach a decision" on the key issue: saving Greece from looming bankruptcy. 

If ministers do not approve a vital rescue loan, Greece will not be able to make a bond repayment due on Friday, said the AP

The 17 ministers will be briefed on the Greece situation by the International Monetary Fund (IMF), the European Central Bank, and the European Commission, reported the AP, even as questions over the future of the euro continue to rattle the European Union (EU). 

Indeed, there are "questions which are still open," warned the German finance ministry spokeswoman, adding, "I think it's rather unrealistic to expect a final decision today," reported Reuters.

Greece just passed a 2013 austerity budget seen as critical for obtaining the desired $40 billion EU/IMF loan. 

More from GlobalPost: Greek parliament approves 2013 budget

The new budget comes amid growing domestic opposition toward such measures, with over 10,000 people rallying outside the Athens parliament recently, according to BBC News

Its passage also comes days after another bill implemented major austerity measures, said the AP.

Greek Prime Minister Antonis Samaras said such "sacrifices" were critical to the country's recovery, reported the AP

"Greece has done what it was asked to do and now is the time for the creditors to make good on their commitments," he added.