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Greece PM pleads for more time

Greece PM pleads for more time

After months of political deadlock and two general elections earlier this year, Greece is struggling to meet the economic targets it has accepted as a condition of its bailouts. As Greece’s Prime Minister, Antonis Samaras, has called for more time to implement tough spending cuts and reforms, ahead of talks on its bailout.

Jean-Claude Junker, the head of the Eurogroup is expected to arrive for discussion regarding a possible relaxation of the Greece bailout terms. Inspectors from the EU and IMF will try to work out if Greece has done enough to receive its next 31.5bn-euro (£24.7bn) bailout payment. Mr Samaras will be under pressure to show Greece can fulfil its commitment of 11.5bn euros in public spending cuts within two years in order to qualify for the money. Failure to unlock the funds could lead to Greece defaulting on its vast public debt and possibly leaving the euro.

Later in the day, the focus shifts to the Federal Reserve as the central bank releases minutes from Augusts’ meeting of the FOMC policy-setting committee.

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