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    EU Delays Decision on Greek Bailout

    Luxembourg's Prime Minister Jean-Claude Juncker, right, and Greek Prime Minister George Papandreou address the media after a meeting in Luxembourg, Friday June 3, 2011. Greek Prime Minister George Papandreou meets with Eurogroup chairman and Luxembourg Prime Minister Jean-Claude Juncker for emergency talks on the financial crisis and the latest negotiations on Greece's mid-term austerity program and the review of its reforms for it to receive the fifth installment of bailout loans. (AP Photo/Geert Vanden Wijngaert)

    Geert Vanden Wijngaert / AP Photo

    The EU and IMF have delayed their decision on extending 12 billion euros in emergency loans to Greece, citing Athens' failure to introduce harsher austerity measures. As public opposition continues to grow in the capital, the Greek parliament must make fiscal reforms and sell off state assets before the loans are granted. The announcement followed a drawn-out meeting in Luxembourg where ministers discussed the second bailout plan, which will include handouts from private investors for the first time. With debt 150 times the nation's annual output, several investors, including the head of Pimco, question whether the solutions will save Greece at all.

    Read it at Reuters