EU Finance Ministers to Hold Final Talks on Greece Debt Settlement

© REUTERS / Yannis BehrakisA street vendor sells Greek and EU flags before an upcoming demonstration by Greeks calling on the government to clinch a deal with its international creditors and secure Greece's future in the Eurozone in Athens, Greece, June 22, 2015
A street vendor sells Greek and EU flags before an upcoming demonstration by Greeks calling on the government to clinch a deal with its international creditors and secure Greece's future in the Eurozone in Athens, Greece, June 22, 2015 - Sputnik International
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On Saturday, eurozone finance ministers will hold a meeting on Greece's debt settlement, which is expected to finalize months-long intricate talks.

MOSCOW (Sputnik) — Greece has been rejecting one proposal after another made by the international creditors. The current bailout program expires on June 30. The same day, Greece must deliver the next $1.7-billion payment to the International Monetary Fund (IMF). If the country fails to pay, it will default.

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If the sides do not reach a compromise, the 7.2 billion euro ($8 billion) remaining within the program will not be delivered to Greece.

On Thursday, another Brussels meeting of eurozone finance ministers on the Greece debt settlement ended without a compromise.

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Later that day, President of the European Council Donald Tusk said that the upcoming Saturday ministerial talks are expected to yield an agreement between Athens and its creditors.

German Chancellor Angela Merkel and French President Francois Hollande, in turn, stressed that the upcoming eurozone finance ministers’ Saturday meeting is crucial in finding a solution to Greece’s debt crisis. Merkel commented that there was not enough progress in the negotiations.

Greek outstanding national debt is around $350 billion, $270 billion of which the country owes to the European Central Bank, the IMF and the eurozone countries.

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