EFSF withholds funds as pressure increases on Greece

The European Financial Stability Facility (EFSF) on May 9 announced it was withholding €1 billion ($1.29 billion) of the latest disbursement of emergency funds to Greece.

Under the Financial Assistance Facility Agreement, €39.4 billion was promised to Greece by the end of June. The outstanding amount is €5.2 billion, of which €4.2 billion will today be transferred into a segregated account to be used for debt service payments.

"The remaining funds of €1 billion are not needed before June and

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