Talks continue over €120bn bailout

EUROZONE finance ministers and the IMF are expected to finalise a €120 billion loan package for Greece tomorrow as negotiations on the deal were ongoing in Athens.

The scale of the austerity measures to be undertaken by Greece was still not clear last night. Some sources put it at €24bn, including the retirement age being raised from 53 to 67, a wage freeze for public servants and the loss of the extra two months salary each year for employees.

Once the Greeks accept the measures being negotiated with the European Commission and the IMF, the finance ministers of the 16 eurozone countries will have to agree to activate the loan package.