Eurozone ministers discuss new funds for Greece

Eurozone Finance Ministers are meeting in Brussels to discuss whether to release new funds to indebted Greece.

The Eurogroup chief, Jean-Claude Juncker says there will be "no definitive decision" on Monday on the funds.

Mr Juncker has also responded to a long-awaited report on the pace of Greek reform by its three international creditors - the European Commission, the IMF and the European Central Bank.

"The basis is positive, because the Greeks have really delivered," he said.

Critical Condition
Greek Prime Minister, Antonis Samaras earlier warned that without the new loan, the country would run out of money within days.

Greek MPs approved the 2013 budget, which includes further cuts to pensions and wages, in a vote on Sunday night.

The European Commission welcomed the approval.

Spokesman Simon O'Connor said: "We'll still need to analyse in detail the final version of the bill. Nonetheless, it very clearly meets another key condition for moving closer to a disbursement of the next tranche of financial assistance for Greece."

More than 10,000 people joined demonstrations outside Greece's parliament to protest against the cuts.

The budget was a pre-condition for Athens to be granted a 31.5bn euro (£25bn; $40bn) EU/IMF loan necessary to stave off bankruptcy.

Greece faces a repayment deadline for 5bn euros of debt on Friday.

However, German Finance Minister Wolfgang Schaeuble has indicated it is unlikely that the eurozone ministers will decide on the disbursement at Monday's meeting.

The funding will have to be approved first by some parliaments, including Germany's.

"We all... want to help Greece, but we won't be put under pressure," Mr Schaeuble told the weekly newspaper Welt am Sonntag.

Urgent bid to raise funds
On Tuesday, Greece is to make an urgent bid to raise funds from the financial markets in case it does not get the tranche of bailout money.

The national economy is expected to shrink next year by 4.5% and public debt is likely to rise to 189% of GDP, almost double Greece's national output.

This year, public debt stood at 175%.

The head of Syriza, a left-wing opposition party, said the budget cuts would leave Greeks unable to afford essential goods this winter.

BBC/Ibisaki