News Summary: Greece raising cash as aid delayed

AP News
Posted: Nov 09, 2012 4:22 PM

CASH HOPES: Greece plans to issue more than 3 billion euros in 4-week and 13-week bills next week to make a key bond repayment on Nov. 16.

BAILOUT DELAY: Greece's Parliament last week passed hugely unpopular new cutbacks demanded by the country's bailout creditors in exchange for more rescue loans. But Athens is not expected to get the money next week, as it had initially hoped, because European officials need time to study a report on Greece's public finances.

CONTEXT: Greece finds itself in this position because, after elections in May and June, it delayed implementing the demanded reforms.