June 14, 2011
European Union finance ministers are to meet in Brussels Tuesday with deadlines fast approaching to forge a Greek bailout and approve key economic reforms.
Hours before another downgrade of Greece's credit rating Monday, Luxembourg Prime Minister Jean-Claude Juncker called an emergency meeting of euro-zone finance ministers to discuss Greece's situation amid expectations that the European Union and the International Monetary Fund will offer Athens fresh assistance.
The Eurogroup has set a June 20 deadline for a new aid package, which is expected to require that private creditors share the burden by giving Greece more time to repay its debts.
But a German-led plan to extend the maturity of some Greek debt has met resistance from European Central Bank President Jean-Claude Trichet, who warned again Thursday that the ECB wouldn't accept any compulsory restructuring or support a plan that prompted a Greek "credit event."
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