Greece bailout bid 'makes progress'

Greece has made progress convincing the rest of the eurozone that it should get a 130 billion euro bailout – but the country’s austerity measures will need tighter surveillance, the chairman of the eurozone’s finance ministers said.

Greece has made progress convincing the rest of the eurozone that it should get a €130 billion bailout – but the country’s austerity measures will need tighter surveillance, the chairman of the eurozone’s finance ministers said.

Following a three-and-a-half hour conference call between the finance chiefs of the 17 countries that use the euro, the ministers hailed the strong assurances that the country had found a further €325 million in cuts on top of austerity measures already agreed.