EU delays Greek loan payout

Eurozone nations have agreed to delay the payout of the next installment of an emergency loan to Greece from December to January.

Austrian Finance Minister Josef Proell said the delay was decided at the EU ministers’ meeting last night.

Proell had already said that Austria would not release its portion of the next tranche because Greece had not fulfilled the requirements of the bailout agreement.

A €110bn emergecy loan to Greece agreed in the spring is doled out over three years, depending on the progress the country makes in cutting its massive budget deficit.

On Monday Greece said its 2010 deficit would be significantly higher than previously forecast.