Global General

New Greek finance minister faces first big test

(Agencies)
Updated: 2011-06-19 16:46

BRUSSELS - On his third day in office, Greece's new Finance Minister Evangelos Venizelos has to convince his eurozone counterparts to release a vital loan installment and consider billions of euros in new loans to save his struggling country.

Newly appointed Finance Minister Evangelos Venizelos addresses the audience during a handover ceremony in Athens June 17, 2011. [Photo/Agencies]

The eurozone and the IMF have made a new round of budget cuts and economic reforms, which have sparked massive protests and forced a reshuffling of the Socialist government, a precondition for receiving more money.

At their meeting in Luxembourg Sunday evening, eurozone finance ministers have to decide on releasing a euro12 billion ($17 billion) loans installment without which Greece will default on its massive debts next month.

They will also struggle over how banks and other private investors can contribute to a second bailout.