The finance ministers from the 17 Eurozone member countries are expected to elect the new head of the so-called Eurogroup at their meeting today, beginning at 16:00 London time.

As Luxembourg Prime Minister Jean-Claude Juncker steps down from the post after having served for eight years, Holland's finance minister Jeroen Dijsselbloem is expected to take the helm. Dijsselbloem is the only candidate and French finance minister Pierre Moscovici is reported to have shown his support over the weekend. Germany already acquiesced to the appointment last week.

Meanwhile, "bailout" will also be one of the big words on the Eurogroup's agenda this afternoon. The finance ministers will be examining Cyprus as the results of the review for the country's bank restructuring are expected to be available today. However, doubts over Mediterranean country's debt sustainability remain and final decisions on aid will probably be delayed until after the country's presidential elections in February.

Greece will also be on the docket as the Eurogroup formalizes approval for the release of the most recent bailout tranche.

Spain will also receive the green light on the €1.865bn bailout tranche for its financial sector. Madrid was unable to convince its Eurozone partners that the aid program should be undertaken as a direct recapitalization from the region's rescue fund known as the ESM (European Stability Mechanism) and discussions are expected to continue on what types of assets may be eligible as guarantees for receiving financial assistance.

MG

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