New York Times
October 4, 2011
For weeks the Greek government had been telling international lenders that it needed the next installment of aid from its bailout to stave off an imminent threat of default — and all the potentially disastrous consequences for Europe.
In the early hours of Tuesday, euro zone finance ministers called Greece’s bluff.
After several hours of talks, Jean-Claude Juncker, the head of the Eurogroup, an organization of the euro zone’s 17 finance ministers, emerged to say that a meeting he had only recently scheduled for Oct. 13, where the group was supposed to consider releasing the cash, was now canceled.
At a news conference, he made it clear Greece would have to wait until November at the earliest, and hinted that the terms of a second Greek bailout, agreed to in July, might be reopened to require bigger write-downs by private investors.
Olli Rehn, the European Commissioner for Economic and Monetary Affairs, suggested that it was “very likely” Greece would need to push through new austerity measures as well.
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