Country Bankruptcy, Country Bailout | featured news

Greece will miss a deficit target set just months ago in a massive bailout package, according to government draft budget figures released on Sunday, showing that drastic steps taken to avert bankruptcy may not be enough.

Hours of talks between eurozone finance ministers on the imploding finances of Greece broke up early Monday morning without the ministers signing off on a vital installment of rescue loans needed to avoid bankruptcy next month.

Greek Prime Minister George Papandreou sacrificed his finance minister on Friday and put his main socialist party rival into the job in a bid to force through an unpopular austerity plan and avert bankruptcy.

The ultimate size will depend on whether Dublin merely tries to shore up and restructure its crippled banks, or whether a larger package is offered to give it more breathing room.