The Guardian sums up debt crisis

European debt crisis: IMF withholding Greek bailout funds -November 2 2011

Here is the Guardian’s summation of the day’s events.


• The International Monetary Fund and the EU is threatening to withhold Greece's bailout aid until the referendum has been held. Officials in Cannes say the next €8bn slice of cash will not be handed over as things stand


• Without the money, Greece could run out of money by November 10. Mirror-image brinkmanship risks bankruptcy, say unions


• China is also pouring cold water on Brussels deal. Minister says it cannot lend more money yet


• George Papandreou will face EU leaders tonight. Angela Merkel will demand full details of how he will implement the plan agreed last week.


• European bailout fund was forced to suspend bond sale. Sale of €3bn of Irish aid stalled, and in another development bank borrowing costs rise


• Greek parliament starts debating vote of confidence. Vote due Friday night


• Ben Bernanke: watching the eurozone crisis is frustrating. Fed chair says its "bad luck" that Europe is holding back the US recovery