Eurozone chiefs prepare to grant Greece extension

<p>Euro area leaders are preparing to grant Greece its austerity extension.</p>

Eurozone leaders are preparing to allow Greece some leeway when it comes to meeting its bailout targets as the troubled Mediterranean nation enters its sixth year of recession.

Fellow single currency region governments are preparing to allow the country's prime minister Antonis Samaras a "flatter adjustment plan" in achieving its austerity goals, Bloomberg reports one eurozone finance meeting insider to have said.

Thomas Weiser, who heads the group that prepares these summits, told German radio today that the target of a primary surplus of 4.5 per cent gross domestic product for Greece would have been attainable if it were not for the current economic slump.

He added: "While the negotiations aren't finished, they are quite close to the end. The last steps to agreement are always the most difficult."

At 10:20 GMT, the euro was higher versus both the dollar and pound to €1 buying $1.300 and £0.806.

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