ECONOMY

Funding ‘likely’ to be unlocked Saturday

BRUSSELS ? Loans to Greece are likely to be unlocked on Saturday when eurozone finance ministers hold a teleconference due to release billions of euros to the debt-stricken nation, EU and diplomatic sources said on Friday.

Ministers from the 17-nation eurozone had been scheduled to meet late on Sunday to agree to release monies pledged to Greece but sources said the talks instead would take place by phone or video conference on Saturday.

There was no immediate official announcement but a European Commission spokesman said «we have been informed» of the switch.

After Greece’s parliament this week met demands from foreign lenders to adopt a tough package of austerity measures, the weekend meeting is expected to agree to release a fifth 12-billion-euro slice pledged under last year’s 110-billion-euro bailout of Greece by the European Union and the International Monetary Fund.

[AFP]