Eurozone ministers gather for crucial Greece talksStaff writer ▼ | February 20, 2015
Eurozone finance ministers will meet in Brussels to decide whether to accept or reject Greece's bailout proposals.
Standoff The bailout expires next Friday
It was reported that the German chancellor Angela Merkel was taking a more conciliatory stance. Greece's €240bn bailout orchestrated by the EU, the European Central Bank and the International Monetary Fund expires next Friday. Without an imminent deal the country faces the real prospect of running out of cash in early March because it is effectively locked out of the international lending markets.
For now, the European Central Bank has provided €3.3 billion ($3.7 billion) in emergency funds so that Greek banks can continue operations. But that amount is only sufficient to keep Greek banks afloat for one week; the Greek central bank had requested €10 billion ($11.4 billion). ■