News Summary: Greece waits for bailout release

News Summary: Greece bailout release unlikely on Monday despite Parliament's austerity vote

Associated Press

WAIT FOR CASH: Greece's euro partners can't release the country's next batch of bailout cash next week as hoped. The release must wait until the cash-strapped country passes its budget for 2013, and for lawmakers in some countries, including Germany, to authorize the release of funds. The budget vote is scheduled for Sunday

MORE CUTS: The Greek Parliament narrowly backed more unpopular austerity measures Thursday, which will further cut salaries and pensions and increase taxes. The vote was a key step towards persuading Greece's international creditors to release the next €31.5 billion ($40.2 billion) installment of the country's vital bailout loans.

RUNNING LOW: Without a new cash infusion, the Greek government has said the country will start running out of cash Nov. 16, paving the way to potential bankruptcy and exit from the euro. Greece has relied on rescue loans since 2010.

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