Money World economy
France's finance minister says she is confident negotiations for a Greek rescue package of up to $159 billion over three years will be concluded this weekend.
Speaking after a meeting of government ministers with French President Nicolas Sarkozy, Christine Lagarde said eurozone heads of state will meet "very rapidly" to finalize the plan.
"Clearly there is good progress underway and I certainly hope that it will be concluded at the end of the weekend," Lagarde said.
During the discussions, "we will be able to review the terms and conditions on both sides," Lagarde said, referring to a three-year set of commitments to be accepted by the Greek government as well as the financial support being provided by Greece's European partners.
Greece says it needs a bailout in order to pay $11.32 billion in bonds due May 19. Mounting fears that Germany might hold up its share of the overall €45 billion bailout package agreed earlier this month sparked this week's market turmoil.
Lagarde said the International Monetary Fund and European Commission have estimated the amount of necessary financial support at between €100 billion and €120 billion over three years.
