Greece Must Pass Austerity Plan Into Law to Get Troika Aid, Juncker Says

Greece must pass its latest austerity package into law and identify 325 million euros in spending cuts before euro-area governments endorse a second bailout for the country, Luxembourg Prime Minister Jean-Claude Juncker said.

“Despite the important progress achieved over the last days we didn’t yet have all necessary elements on the table to take decisions today,” Juncker said in Brussels after chairing an emergency meeting of euro-area finance ministers.

Greek politicial leaders must also back the pact and provide assurances it will be carried through after forthcoming elections, Juncker said. European finance ministers will meet again next week.

“In short: no disbursement before implementation,” Juncker said.

The finance ministers will meet again on Feb. 15, he said.

To contact the reporter on this story: Simon Kennedy in London at skennedy4@bloomberg.net

To contact the editor responsible for this story: Simon Kennedy at skennedy4@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.