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Europe Falters in Bid to Rescue Greece

Finance chiefs say further aid depends on Papandreou delivering budget cuts.

By James G. Neuger , Stephanie Bodoni, Bloomberg | Updated on June 20, 2011

Europe faltered in its race to save Greece from default as finance chiefs said further aid hinged on embattled Prime Minister George Papandreou delivering budget cuts in the face of domestic opposition.

On the eve of a confidence vote that threatens to topple Papandreou, the euro area’s top economic policy makers pushed Greece to pass laws to cut the deficit and sell state assets. They left open whether the country will get the full 12 billion euros ($17.1 billion) promised for July as part of last year’s 110 billion-euro lifeline.

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