Eurozone to decide on new Greek bailout in September

Eurozone countries will decide on a new bailout package for debt-ridden Greece in as late as the first half of September, Slovak Finance Minister Ivan Miklos told reporters on Monday. "The talks on the volume and structure vis-a-vis the participation of the private sector (in the bailout) haven't been concluded yet," said Miklos. The eurozone members agreed to postpone the date during a conference telephone call on Saturday, he said. Miklos said talks on the participation of the private sector in the second Greek bailout should be concluded by August 20, adding that a memorandum on understanding must also be drawn up. Greece, the first to require outside help in the face of the lingering European sovereign debt crisis, bought time last weekend after Europe greenlighted the fifth tranche of an 110-billion-euro bailout agreed between Athens and the European Union together with the International Monetary Fund (IMF) in May last year. But the country is still in desperate need of a second and longer-term rescue package of about the same magnitude as the first one. Eurozone finance ministers are expected to meet on July 11, but diplomats had warned that a finalized decision would have to wait a few more weeks. Miklos said earlier that he would raise six conditions at the eurozone finance ministers' meeting next week. According to Miklos, apart from the participation of the private sector by a volume of at least 30 billion euros, there must also be a guarantee that Slovakia will see its loan returned. Other conditions include privatisation of Greece's property, an agreement of Greek political parties on meeting the country's financial obligations, participation of the International Monetary Fund (IMF) in the bailout, and an analysis of debt recoverability.