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Euro zone, IMF battle to wrap up Greek loans and debt deal

Published on Nov 27, 2012 6:16 AM

BRUSSELS (AFP) - The euro zone and the International Monetary Fund (IMF) battled late on Monday under mounting pressure to conclude a long-delayed deal on immediate funding to avert bankruptcy for Greece.

With creditors struggling to agree on how to tackle the country's ever-growing mountain of debt over the medium term, the aim was to get short-term financing taps switched back on.

Off since June, this was going to involve long "night work", said a key source, with finance ministers from Greece's 16 currency partners pouring over new sums produced earlier in the talks that began around 1130 GMT (7.30pm Singapore time).

The pressure grew over the day, with the European Union's euro Commissioner Olli Rehn deeming it "essential" to reach a deal before the talks broke up, and Greek Prime Minister Antonis Samaras phoning round fellow eurozone leaders.

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