Eurozone ministers fail to agree on Greece bailout

  • Eurozone finance ministers have failed to agree on a deal to give Greece the next tranche of its financial bailout.

    After nearly 12 hours of talks in Brussels, the Eurogroup said it had made progress on measures to reduce Greek public debt but required more time for technical work.

    The chairman of the Eurogroup Jean-Claude Juncker said they would meet again on Monday.

    Greece needs the next tranche of its bailout to avoid insolvency.

    The eurozone finance ministers have been discussing ways to cut Greece's public debt, which is projected to rise to 189 percent of gross domestic product, by next year.

    The country's bailout program aims to lower debt to 120 percent of GDP by 2020.