(Financial Times) -- Eurozone finance ministers last night postponed agreement on Greece's long-delayed €31.3bn aid payment for yet another week as divisions between the International Monetary Fund and EU creditors over how fast Athens must reduce its burgeoning debt levels burst into the open. Christine Lagarde, the IMF chief, and Jean-Claude Juncker, chair of the eurogroup of finance ministers, publicly sparred over whether Greece must reduce its debt levels to 120 per cent of economic output by 2020, long viewed the target to get Athens back to a sustainable debt level. An agreement between the IMF and eurozone governments is essential to releasing the bailout tranche since both creditors disburse financial assistance concurrently.
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Eurozone finance ministers postponed agreement on Greece's long-delayed €31.3bn aid payment
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Shows divisions between IMF and EU creditors over how fast Athens must reduce its debt
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IMF: Greece must reduce its debt levels to 120 per cent of economic output by 2020
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Juncker told a post-meeting press conference the target would be moved to 2022
Despite the delay, officials insisted Greece would not default on Thursday, when @placeholder must make a debt payment of about €5bn without the benefit of international aid.