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Eurozone ministers fail to agree on Greek loan

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Staff Writer | May 23, 2017
Eurozone ministers failed to agree on the terms of the next chunk of bailout money to Greece late Monday, due to disagreement over whether the country should be granted debt relief, as requested by the International Monetary Fund.
Bruno Le Maire
Europe   "Of course there are different positions"
The meeting came to a standstill for four hours as ministers met bilaterally to try and resolve the deadlock.

After the meeting, the chief of the Eurogroup, Dutch Finance Minister Jeroen Djisselbloem, said "more clarity on what debt relief could look like," was needed to come to a political agreement with the IMF.

While eurozone ministers lauded a package of economic reforms adopted by Athens last week, the IMF argues that Greek debt levels are unsustainable and, in a split from European creditors, has refused to participate in another rescue package without a detailed element of debt reduction.

Germany, Europe's largest economy, insists on participation by the IMF, but is reluctant to grant debt relief.

French Finance Minister Bruno Le Maire hinted at the disagreement with Germany over the debt relief issue, a measure his government supports.

"Of course there are different positions," between Germany and France he said. "France will make an effort and so will the Germans."