News Summary: Euro officials discuss Greek crisis

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News Summary: Euro officials discuss Greek crisis

By The Associated Press

THE NEWS: For the third time in two weeks, finance ministers from the 17 European Union countries that use the euro are trying to strike a deal on the next installment of bailout money for struggling Greece.

THE DETAILS: The ministers are meeting in Brussels to release some €44 billion ($56.8 billion) for Greece, which still owes money it was supposed to repay last week.

THE STICKING POINT: Greece is unlikely to complete its program of budget cuts and reforms by 2014 and will likely receive a two-year extension plus several billion more. It is disagreements over how to fund this that have stopped Greece from getting its money.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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