Eurozone finance ministers grapple with ways to finance extension of reforms for Greece

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A European Union flag billows in the wind as the ruins of the 5th century BC Parthenon temple is seen in the background on the Acropolis in Athens, on Monday, Nov. 26, 2012. The ministers of the 17 countries that use the euro are meeting in Brussels later Monday to try to reach an agreement on disbursement of Greece\'s next rescue loan installment, after several delays. Athens faces bankruptcy without the cash. (AP Photo/Petros Giannakouris)

BRUSSELS – Finance ministers from the 17 EU countries that use the euro are trying to hammer out a deal that will prevent the imminent bankruptcy of Greece.

The ministers, meeting Monday in Brussels, have for weeks failed to agree a strategy that will allow them to release some €44 billion ($56.8 billion) for the cash-strapped country.

The expectation is that Greece will get the money and an extra two years to make the reforms that are a condition of the bailout. But that extension would cost several billion more and that’s lain at the heart of disagreements on the way forward.

Several proposals have been aired to plug the financial hole, including reducing the interest rate Greece pays on loans it is getting from euro partners and the International Monetary Fund.

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