Eurozone ministers to meet Sunday to assess Greek financial crisis

Eurozone ministers to meet Sunday

BRUSSELS — The finance ministers of the 16 nations using the euro will meet Sunday to review a proposed bailout for Greece, as Athens wraps up negotiations on drastic new cuts and tax increases to win rescue loans from its European partners and the IMF.

Luxembourg’s Jean-Claude Juncker, head of the Eurozone finance ministers, said they will meet in Brussels to discuss a deal on Greece’s tenuous financial situation that is expected to have been reached by its government, the International Monetary Fund and European officials.

Juncker called Sunday’s session “an extraordinary meeting.”

It is designed to assess the latest package of emergency measures that Greek Prime Minister George Papandreou is likely to announce over the weekend.

Greece, the EU and the IMF are expected to decide what extra steps Athens must take as a condition of the rescue, which would provide €45 billion ($60 billion) in loans this year and up to a reported €120 billion ($160 billion) over three years.