Context
The governments of Eurozone have delayed a verdict on whether to offer debt-hit Greece assistance, arguing that Athens should first implement rigid austerity measures before they can release €12 billion to keep the Greek economy functioning and prevent a global crisis. The finance ministers of 17 Eurozone nations met in Luxembourg on Monday to devise the structure of a three-year new bailout package for Greece in a manner that would convince European banks, private creditors and pension funds to agree to the plan. According to the Belgian Finance Minister Didier Ryenders, the decision on the bail-out will be taken in early July.
