Eurogroup head says "major decision" could be taken on Greece on Saturday

[THE HAGUE] Eurogroup President Jeroen Dijsselbloem said eurozone finance ministers may make a "major decision" when they hold a special meeting on Saturday to weigh a new Greek proposal for emergency funding.

Speaking after a conference call on Friday with the heads of the International Monetary Fund, European Commission and European Central Bank, Dijsselbloem declined to comment on the content of the document.

"I am waiting for the institutions to evaluate the document. It is an extensive document and you need to go through it to see if it is really concrete enough," he told journalists.

Dozens of people at the ECB and IMF are assessing the proposal sent on Thursday night, he said.

Earlier, Mr Dijsselbloem, who is also Dutch finance minister, said: "Broad support in Greece gives it more credibility, but even then we need to consider carefully whether the proposal is good and if the numbers add up." "One way or the other, it is a very major decision we need to take," he added.

Greece's submission will be reviewed by the Commission, ECB and the International Monetary Fund, which will assess whether Greece's debts are sustainable.

The assessment is due to be completed before the Eurogroup meets in Brussels at 3 pm (1300 GMT) on Saturday to consider whether to recommend launching loan negotiations.

The ministers' conclusions will be reviewed by euro zone leaders at a summit called for Sunday afternoon.

REUTERS