Region:
Europe
Category:
Economy

Eurozone finance ministers discuss Greece

Region:
Europe
Category:
Economy
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The ministers began talks in Brussels on Tuesday in the lead-up to a summit of eurozone leaders later in the day

Finance ministers from eurozone economies are discussing Greece's debt crisis following the outcome of Sunday's referendum in the country.

The ministers began talks in Brussels on Tuesday in the lead-up to a summit of eurozone leaders later in the day.

At the finance ministers' meeting, Greece is expected to present new proposals seeking debt reduction. The country will also likely ask that austerity measures be reviewed.

Greek voters on Sunday rejected demands by international creditors for more austerity measures in exchange for bailout money.

The negotiations are likely to run into rough waters. Germany and other eurozone nations are opposing debt reduction. They are demanding strict austerity measures in exchange for financial support.

Greece is in need of funding as a series of deadlines for repayment approach. Government bonds held by the European Central Bank are due for redemption on July 20th.

Concerns are growing that Greece may default on its debt if it fails to receive additional bailout money.