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Tuesday, November 16, 2010

Austria Withholds Greek Bailout Funds

Greek 10-year government bonds fell after Austria said it has yet to release its next aid payment to the nation.

The yield on the Greek security rose 12 basis points to 11.67 percent as of 2:02 p.m. in London.

Austrian Finance MinisterJosef Proell told reporters in Vienna today that Austria won’t release its contribution as Greece hasn’t met its commitments to the European Union, Austrian public broadcaster ORF reported, citing comments after the government’s weekly cabinet meeting.

The December installment of aid would be about 190 million euros ($259 million), ORF said.

To contact the reporter on this story: Matthew Brown in London at mbrown42@bloomberg.net

To contact the editor responsible for this story: Daniel Tilles at dtilles@bloomberg.net

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