Gabriele Steinhauser, AP Business Writer, On Thursday October 20, 2011, 10:33 am
BRUSSELS (AP) -- Eurozone leaders may not agree on a second rescue package for Greece until the end of November, according to draft conclusions for a crucial summit obtained by The Associated Press Thursday.
The European Commission, the EU's executive, had been pushing for the bailout deal to be finalized this weekend to remove the uncertainty hanging over the country that has hit stock markets in recent weeks.
The draft statement prepared for Sunday's summit says "we look forward to the conclusion of a sustainable and credible new EU-IMF multiannual programme by the end of November."
The sentence is still in brackets, suggesting that the timing and content of the second bailout is still under discussions.
A second, euro109 billion ($151 billion) bailout for Greece was tentatively agreed in July, but that deal has been reopened as Germany and other countries want banks and other private investors to take steeper losses on Greek bonds.
France, the Commission and the European Central Bank oppose deeper cuts to Greece's debt load, worried that such a move could hurt banks across the continent and undermine confidence in other struggling countries.
The draft statement also suggests that Greece is almost sure to receive the next euro8 billion batch of its first, euro110 billion ($152 billion) bailout.
"We welcome the decision by the Eurogroup on the disbursement of the 6th tranche" of aid money, the statement says, referring to a meeting of eurozone finance ministers scheduled for Friday, two days ahead of the summit.