Greece Bailout Money on Hold Until After Referendum

The EU and IMF said they will not release an 8 billion euro payment to Greece until the country holds a referendum on the EU's latest bailout program, according to sources from the EU/IMF, CNBC is reporting.

According to the latest Greek estimates, Greece has enough money on hand until about mid-December before it would run out of money to make debt payments.

Greek Prime Minister George Papandreou initially called for a referendum to be held on the EZ bailout early next year.

It is not clear if the referendum will be moved up to mid-December. It is not clear if Papandreou survives politically as Prime Minister until mid-December.