Greek Finance Minister Evangelos Venizelos said Wednesday the last few issues holding up Greece's financial aid will be resolved ahead of a teleconference of euro-zone finance ministers later in the day, adding that conditions being demanded in exchange for the loan keep growing.
Speaking to journalists after meeting with Greek President Karolos Pappoulias, the minister said Greece is faced with sacrifices and cutbacks or financial catastrophe after parliament approved over the weekend draconian reforms demanded from international creditiors in exchange for the EUR130 billion loan.
"We are faced with an extraordinary situation. As we continue, new terms and conditions are being set," he said. "There are many in the euro zone that don't want us any more."
Euro-zone finance ministers are scheduled Wednesday at 1600 GMT to discuss a new bailout and debt restructuring for Athens after postponing a previously planned face-to-face meeting in Brussels, saying Greek political leaders haven't given clear pledges on the implementation of fresh austerity measures. Among outstanding issues is also a dispute over a EUR325 million gap in Greece's budget plans for 2012.
With Greece expected to go to elections in April, Europe has demanded the leaders of the two parties that make up Greece's coalition government sign written pledges to the reforms to ensure there is no backsliding.
Greek government officials say the written pledges are ready to be delivered and that the gap will be filled by further cuts in the public investment budget, defense spending and healthcare.
Greece is scrambling to secure a new EUR130 billion bailout from its European partners and the International Monetary Fund while also implementing a related EUR100 billion debt write-down with its private sector creditors.
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