Next tranche of Greek bailout fund delayed till January

The next tranche of aid for Greece will be delayed until January, after the data from the country is released, according to Austrian finance minister.

The whole European Union-backed aid for Greece will be delayed by a month, Reuters reports stated.

A troika of the EU and the IMF are in Greece this week to assess whether its budget deficit and structural reform targets are being met.

Josef Proell, the Austrian finance minister, was critical of Greece's performance, stating that Athens had failed to meet the tax revenue targets agreed under the EU Memorandum.

Greece's budget deficit for the January to October period was down 30 percent to 17.4 billion euros, narrowly missing its target of 32 percent. The country expects its 2010 budget deficit to be higher than previously forecast.

Greece's financing needs are currently being meet by a EU/ IMF-funded bailout package, which is expected to be doled out over a period of three years, depending on the performance of the country in relation to cutting its massive budget deficit.