Greece΄s entire planned schedule of emergency loans from the European Union and International Monetary Fund is being pushed back by three months because of a delay in the payout of a tranche in 2011, the European Commission said on Thursday.
The next 5 billion euro tranche for Greece that was originally scheduled to be paid in December 2011 is now to be paid out in March 2012, Commission spokesman Olivier Bailly said, according to Reuters. This could create major problems for the ailing Greek economy that is rapidly hurtling towards a possible default.
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