June 20, 2011
European finance officials put off a decision Monday on handing debt-laden Greece its next installment of emergency loans, increasing the pressure on Athens to enact new austerity measures and fueling market fears of a national default.
Investors had hoped that officials meeting in Luxembourg would approve the payout of about $17 billion in rescue loans to Greece, which desperately needs the money to pay bills that come due next month.
But after several hours of talks, finance ministers from the 17 countries that use the euro said early Monday they would release the funds only if Greek lawmakers approve a controversial program of tax hikes and spending cuts to slash the country's mammoth budget deficit.
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