11 May 2012

Greek bailout payment held back

9:31 am on 11 May 2012

The eurozone's rescue fund has decided to hold back €1 billion of its latest bailout instalment to Greece.

The decision comes after a majority of Greeks voted against the political parties that supported the country's bailouts and the austerity they have imposed, , the BBC reports.

The rescue fund has said it would only give €4.2 billion euros of the €5.2 billion due to Greece, saying the country did not need all of it this month.

The remaining €1 billion could be given later, depending on the country's financing needs.