Eurozone delays Greece drawdown

Eurozone finance ministers have delayed a decision on giving Greece the next instalment of bailout cash.



It came after Greece said it would not meet this year's deficit cutting target, sparking a sharp sell-off in stock markets.



However, Eurogroup chairman Jean-Claude Juncker said Greece would not be allowed to default on its debts.



The next 8 billion euro tranche of cash needs to be released by mid-November.

Athens announced that the 2011 deficit was projected to be 8.5 per cent of GDP, down from 10.5 per cent in 2010 but short of the 7.6 per cent target set by the European Union and International Monetary Fund.



The government, which on Sunday adopted its 2012 draft austerity budget, blamed the shortfall on deepening recession.