The finance ministers focused on Greece's perilous financial state and the difficulties the Athens government is having concluding negotiations with its private creditors to cut about $130 billion in debt Greece owes them.
Rehn said an agreement between Greece and the large financial institutions "is very near." The financial institutions said they would not voluntarily accept more than a 50 percent cut, however, in the face value of the debt Greece owes them, and a dispute has arisen over what interest rate Greece would pay on the remaining debt.
The finance ministers demanded that the banks impose no more than a 3.5 percent rate, in order to limit Greece's borrowing costs and allow it to regain its economic footing over the coming years. But the banks have been pressing for a 4 percent rate, which the European leaders fear will reduce Greece's chance to cut its deficit spending to a reasonable level.
At the same time, the finance chiefs demanded that Greek lawmakers make written commitments to impose new and unpopular austerity measures. Greece is seeking approval of a new $168-billion bailout, its second in two years, to avoid a default in March.
But European leaders say they will not approve the financial aid without the overall agreement on debt relief and spending cuts.
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