Greece Fails to Reach Fresh Bailout Funds

  • As per reports, Greece could not secure a deal which could help in unlocking the next instalment of its multi-billion-dollar bailout.

    As mentioned by Eurogroup head Jeroen Dijsselbloem, there was gap between what could have been done and what some expected that should have been done.

    Reports further say, it is expected that informal talks may continue ahead of the group's meeting on June 15.

    The aim of the Brussels-based meeting was to decide whether enough had been done by Greece to receive a €7.5bn loan plus debt relief. Cash is important for the country in order to avoid any kind of default to repay debt which is due in July.

    A series of economic reforms had to be enacted in the country to secure funds.

    Greek Finance Minister Euclid Tsakalotos said that there are chances of brokering a definitive deal by the time of the next formal meeting in June.