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A summit in Brussels today where European leaders were meant to work on a permanent aid fund and tougher budget rules quickly devolved into a sparring match between Greece and other nations critical of Greece’s half-hearted efforts to get its deficit under control.
Hot Feature: EU Summit to Focus on Growth and Job Creation
Greece fended off German and Dutch calls for an overseer to take command of its budget after its deficits surpassed targets in each of the last two years. Concerns over Greece’s ability to deliver budget cuts and economic reforms are holding up other parts of the nation’s next aid package, which it needs to meet a 14.5 billion-euro bond payment due on March 20.
Greece has at least made progress in negotiations with private creditors, nearing an agreement for bondholders to accept deeper losses on a 50 percent cut in the face value of more than 200 billion euros of debt.
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