Eurozone finance ministers to meet again

Eurogroup's Jean-Claude Juncker, who chairs meetings of eurozone finance ministers, said he would decide whether or not to call the bloc's finance ministers together on Thursday, to discuss Greece's rescue package. The meeting has already been postponed once from Monday to Wednesday.

Juncker said it was only once negotiations in Greece are finalised that he could convene the meeting. One deadline after another has come and gone. Yin Hang takes a look at what’s to expect in the meeting.

Jean-Claude Juncker addresses a news conference after an European Union summit in Brussels
January 30, 2012.

After February 4th’s teleconference, eurozone finance ministers told Greece it could not go ahead with an agreed deal to restructure privately-held debt, until it could guarantee it would implement reforms needed to secure a second financing package from eurozone and the International Monetary Fund. Eurogroup Chairman, Jean-Claude Juncker, even said if everything goes wrong in Greece, there would be no new program, and that would mean a declaration of bankruptcy in March.

Markets are still waiting for the outcomes of Greece’s two negotiations. One is the government’s talks with private debt holders, which are expected to come to a close. The other, of course, is the bailout discussion, and politicians are yet to reach an agreement there.

Many still believe Greece would get the 130 billion euro bailout to prevent a default in March, but patience is fading. Analysts say even if Greece manages to avoid a chaotic default on March 20th, that doesn’t necessarily mean the country is out of the woods, and that the risk of future default still looms.

Greek Finance Minister Evangelos Venizelos, center, looks at other ministers on a screen at his
desk during a meeting of EU finance ministers in Brussels on Tuesday, Jan. 24, 2012.

Belgium's Finance Minister Steven Vanackere, left, speaks with Spain's Finance Minister
Luis De Guindos during a meeting of EU finance ministers in Brussels on Tuesday, Jan.
24, 2012.

German Finance Minister Wolfgang Schaeuble, left, speaks with British Finance Minister George
Osborne, center, and Danish Finance Minister Margrethe Vestager during a meeting of EU finance
ministers in Brussels on Tuesday, Jan. 24, 2012.

Italian Prime Minister and Finance Minister Mario Monti speaks with Greece's Finance Minister
Evangelos Venizelos at the EU headquarters in Brussels on Jan. 23, before taking part in an
Eurogroup council meeting.

公众传媒摘编：GNA JADE