News Summary: Leaders press Greece to reform now

AP News
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Posted: Aug 23, 2012 3:36 PM
News Summary: Leaders press Greece to reform now

PRESSURE: German Chancellor Angela Merkel and French President Francois Hollande pushed Greece to keep pursuing painful reforms, suggesting they are hesitant to accept demands for more time to fix the country's battered economy and public finances.

APPEAL: Greek Prime Minister Antonis Samaras has been arguing his nation needs more time to complete reforms that are a condition of it continuing to receive 240 billion euro ($300 billion) in bailout funds. Without the help, Greece would be forced into a chaotic default on its debts and could be forced out of the eurozone.

REPORT DUE: Greece's continued access to the bailout packages hinges on a favorable report next month from the country's debt inspectors from the European Union, European Central Bank and the International Monetary Fund. If Greece is found to have failed on key economic reforms, vital funds could be halted.