Eurozone delays half of Greece’s funds

Eurozone members delayed approval on the 1 March 2012 of more than half of the €130bn bail-out for Greece after demanding that Athens show more proof that it would implement hastily agreed spending cuts and reforms.

Finance ministers from the 17-country currency bloc meeting in Brussels signed off on funds to underpin a €206bn restructuring of privately held Greek debt. But they requested a 'detailed assessment' by European Union and International Monetary Fund officials by the next week of implementation of 38 specific measures before handing over the remaining €71.5bn to Athens.

Kathimerini, 1.3.12: PSI first, bailout package later, says Eurogroup http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_1243_01/03/2012_430665

ESO: Background information: Juncker wants 'reconstruction commissioner' for Greece http://www.europeansources.info/record/juncker-wants-reconstruction-commissioner-for-greece/

BBC News, 1.3.12: EU summit: Greek parliament backs bailout cuts http://www.bbc.co.uk/news/world-europe-17219379

EUObserver, 2.3.12: Germany in rare praise of Greece, but bail-out decision next week http://euobserver.com/19/115457

Kathimerini, 1.3.12: EU gives conditional nod to bailout http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_20190_01/03/2012_430710

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