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Greece says austerity talks to overshoot EU summit

Monday, 15 Oct 2012 | 9:44 AM ET

ATHENS, Greece -- Greece's finance minister says talks with the country's bailout creditors over austerity measures are unlikely to have concluded in time for this week's European Union summit meeting, as originally hoped.

Yiannis Stournaras says the marathon negotiations, on which hinges the release of a sorely needed rescue loan installment, will continue after Thursday and Friday's Brussels summit.

Asked Monday whether there can be a deal before that, Stournaras said: "We're trying, but I don't think so."

Greece has depended on bailouts since losing access to bond markets in 2010. The cash payments are conditional on Athens sticking to a strict debt reduction program.

Current talks with representatives of the EU, International Monetary Fund and European Central Bank are centered on a new (EURO)13.5 billion ($17.5 billion) package of cutbacks for 2013-14.