Greece fails to get fast cash from eurozone rescue fund

Greece failed yesterday to secure a quick cash payment from the eurozone rescue fund to help stave off potential bankruptcy next month, raising pressure on Athens to deliver a convincing reform programme within days.

Athens had appealed for the European Financial Stability Facility to return €1.2bn it said it had overpaid when it transferred bonds intended for bank recapitalisation back to the Luxembourg-based fund this month.

However, senior eurozone officials agreed in a telephone conference yesterday that Greece was not legally entitled to the money, although they said they would consider how to deal with the issue in the future.