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February 10, 2012 at 08:22 AM
Greece’s hard-won agreement from political leaders in Athens was rejected late Thursday as not tough enough. Instead, Greece was told to go back to the drawing board, find more cuts, and give firmer assurances that the promised measures would actually be carried out.
Reuters reported that, after six hours of discussions, the decision was made to withhold the 130 billion euro ($173 billion) bailout unless Greece further cut its budget, passed legislation to implement the measures and ensured that all major party leaders committed support to the program in writing to forestall abandonment of the measures prior to elections.
In a Bloomberg report, Jean-Claude Juncker, chairman of the Eurogroup of finance ministers, was quoted saying, “We can’t live with this system while promises are repeated and repeated and repeated and implementation measures are sometimes too weak.” He added, “In short, no disbursement before implementation.”
