Greece: Bailout Funds Held Until After Vote

French President Nicolas Sarkozy, who is hosting the meeting in Cannes, said: "We said clearly to the Greek authorities that the EU, like the IMF, cannot envisage paying the sixth tranche until Greece has adopted the package and all uncertainty has been lifted.

"We cannot commit the money of taxpayers ... until the rules that were agreed on October 27 are respected. Without that, neither Europe nor the IMF can pay a single cent."

European leaders agreed a deal last Thursday that would see banks accept a 50% writedown of Greece's debt, higher than the 40% they had originally offered.

It would also increase the 440bn euro (£386bn) bailout fund to around 1trn euro (£876bn).

But Greek Prime Minister George Papandreou's decision to put the deal to the people sent stock and bond markets across the world falling.