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Michael Probst/AP/Press Association Images

Delays to Greek bailout payment impacting on euro

Greek crisis taking its toll on European markets and exchange rates.

EUROPEAN STOCKS and the euro slipped today after eurozone finance ministers came up short of a final deal to get Greece its next installment of bailout money that is needed to prevent a default that could cause financial chaos.

Officials say they do expect Greece to get the next €12 billion installment in July.

But first they are pushing the Greek parliament hard to pass unpopular measures to reduce the deficit and seek more money from selling and developing state property.

Stocks in Germany, the eurozone’s biggest market, fell 1.2 per cent while the euro was off 0.5 per cent at $1.4210.

Eurozone finance ministers are meeting a second day today about the Greek debt crisis. Talks overnight did not produce a final agreement on the new loan money, or on a broader, second bailout expected in cooperation with the IMF.

Officials agree Greece is going to need more money to avoid a messy default on government bonds that would disrupt Europe’s banking system and its entire economy. But they are waiting for the Greek government — unsettled by protests, a Cabinet reshuffle and a vote of confidence slated for tomorrow — to take the additional measures to cut the deficit.

The EU’s economic and monetary affairs commissioner, Olli Rehn, said he was “certain that Greece will be able to take the decisions needed because the alternative is so much worse.”

- AP

Read more: Greece set for next loan and second bailout >

Read: Second Greek bailout “roughly equal” to earlier €110bn package, says Greek PM >

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