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May 10, 2012

E.U. Delays Greek Loan Pending Coalition Talks 
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The European Union has delayed a major loan to Greece pending the
outcome of the coalition-government talks. The E.U. says it will proceed
with a $5.4 billion loan today, but will delay the disbursement of over
$1.2 billion until Monday. In Brussels, E.U. Commission President Jose
Manuel Barroso said Greece faces a cutoff of aid and other penalties if
the austerity deal isn't met.

Jose Manuel Barroso: "There is an agreement between Greece and the Euro
area, all the Euro area member states and the European institutions.
Greece has to respect its agreement as the other countries have to
respect this agreement. The question of credibility is not only for
Greece but for the Euro area as a whole. This is very important to
understand that if this agreement is not respected, it will be very
negative for Greece."

 

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