European officials jacked up the pressure on the Greekgovernment to deliver budget cuts in exchange for a second bailoutas they insisted that default is not an option.

Finance ministers canceled a Brussels meeting slated fortomorrow and will hold a teleconference instead to prod Greece todo more to clinch an aid package worth 130 billion euros ($170billion) along with roughly 100 billion euros of debt relief fromprivate bondholders.

“I did not yet receive the required political assurances fromthe leaders of the Greek coalition parties on the implementation ofthe program,” Luxembourg Prime Minister Jean- Claude Juncker,chairman of the euro finance panel, said in a statement today. Healso pressed for “further technical work” on Greek budget cuts.

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