News Summary: Euro officials discuss Greek crisis

AP News
Posted: Nov 26, 2012 11:42 AM

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.