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Greece fails to reach bailout deal with eurozone finance ministers

Greece fails to reach bailout deal with eurozone finance ministers
The International Monetary Fund, European finance ministers, and Greek authorities have fallen short of securing more debt relief for Greece, according to EU officials.

The parties postponed a final decision on a release of further bailout funds for Athens until their next meeting, scheduled for June 15.

“At this point, we have not reached an overall agreement. It looks like the formal conclusion of the second review is very close,” said Eurogroup chairman Jeroen Dijsselbloem after Monday's meeting.

Greece needs more emergency cash to avoid a default in July when the country faces debt repayments of nearly €7.3 billion.

To get a new installment of bailout funds, Athens has already approved tax rises and additional pension cuts.

However, the EU ministers concluded that the country has not made enough progress on that front and still needs to take further measures.

Last Thursday, Greek lawmakers passed new legislation with over four billion euros ($4.48 billion) in new austerity measures.

According to the Greek government, the country has fulfilled all the conditions agreed with creditors.

READ MORE: Greece slides back into recession as bailout talks drag on growth

“Greece has met its obligations. Now it's our partners and lenders who have a moral, political and legal duty to meet theirs,” said Greek government spokesman Dimitris Tzanakopoulos.