Greek bailout delayed despite vote

The next tranche of bailout cash cannot be released next week, even though the Greek parliament narrowly backed more unpopular austerity measures yesterday.

Germany's Finance Minister, Wolfgang Schäuble, said the eurozone was not yet in a position to make a decision on releasing the funds, as many in Athens had hoped. Greece still has to pass its budget for 2013 while MPs in some countries, including Germany, have to authorise the release of funds. There is little chance of this happening before eurozone finance ministers meet on Monday.

Mr Schäuble's comments suggest an interim financial arrangement may have to be agreed.