1. Not Now

    Europe May Withhold Half of Greek Loan

    Greek Finance Minister Evangelos Venizelos speaks with the media as he arrives for a meeting of eurozone finance ministers in Luxembourg on Sunday, June 19, 2011. On only his third day in office, Greece's new Finance Minister Evangelos Venizelos faces his first big test: He must convince his eurozone counterparts to release a loan installment his country needs to avoid defaulting on its massive debts next month, and to commit to billions in new loans to keep Greece afloat in the coming years. (AP Photo/Virginia Mayo)

    Virginia Mayo / AP Photo

    European finance ministers may authorize only $8.6 billion out of the $17.2 billion in loan to Greece, to maintain pressure on the government to slash the debt that pitched the European markets into crisis. Greece needs the lifeline to keep the country solvent before they default in July. But Belgian Finance Minister Didier Reynders said the other half of the aid might hinge on further Greek budget cuts. Meanwhile, Greek Prime Minister George Papandreou has begun a three-day parliamentary debate over a confidence vote in his effort to save his government from collapse and win parliamentary backing for spending cuts, tax increases and state-asset sales needed to keep bailout funds flowing.

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