Eurozone sets June deadline for Greece debt deal

Eurozone finance ministers today set a two-month countdown to agree Greece's high-wire exit from eight years of bailout programmes with divisions deep over how much debt relief Athens needs.

Mario Centeno, the head of the Eurogroup, said reform efforts were still required from Greece before it could end its massive rescue programme as expected on August 20.

Greece has been at the mercy of three bailout programmes since 2010 when its public finances collapsed, pushing the country into a deep economic depression and bringing crisis to the eurozone.

Athens has yet to rubberstamp its last reforms, including a round of controversial privatisations, with eurozone ministers demanding full delivery ahead of ministerial talks in Luxembourg on June 21.

"On the basis of a successful review, the Eurogroup will decide in June all the elements that can help facilitate the exit of Greece from the programme by August," said Centeno, who is also Portuguese finance mister.

Ministers meeting in Sofia did not get down to the thorny issue of debt relief, but EU Economic Affairs Commissioner Pierre Moscovici said "we of course need to reach an agreement on a strong set of commitments to ease Greece's debt burden."