(Brussels) – Another week of talks has been launched by European Finance Ministers at Brussels. The leaders hope to get a deal with banks to slash Greece’s debts and agreement on a new balanced budgets treaty that will mark a turning point in the debt crisis.
The ministers have also given a call to decide how to deal with non-euro Hungary’s bid to secure a new line of credit from the International Monetary Fund, and disagreement remaining over future government rescue funding both at European Union and IMF levels.
The summit targets to put to bed the issue of so-called PSI, or private-sector involvement, and “there’s a long way to go yet”, said one well-versed EU official.
Without a deal on PSI, it won’t get a second bailout, and without the second rescue, it won’t make those payments.
European Union’s ten other finance ministers plus European Parliament negotiators will also join the summit, for what they hope will be final discussions on the budget pact to be signed by all save Britain, as well as a discussion on rescue funding arrangements.