EU Delays Decision on Greek Bailout

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.