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Greek PM postpones U.S. trip amid financial crisis

By the CNN Wire Staff
STORY HIGHLIGHTS
  • Papandreou was expected to address the General Assembly
  • Critical implementation of the July 21 agreement due next week

(CNN) -- Greek Prime Minister George Papandreou announced Saturday he will postpone a scheduled trip to the United States next week because of the country's financial crisis.

Papandreou said his decision was based on the critical implementation of the July 21 agreement with European Union due next week. He was expected to address the U.N. General Assembly at its annual meeting.

Greece was given a second bailout on July 21, amid concerns that Greece's default would spiral into a financial crisis within the Eurozone.

At the centerpiece of the agreement was the proposed expansion of a bailout fund -- known as the European Financial Stability Facility, or EFSF.

Last Thursday, European leaders vowed to take bold steps to contain the crisis and preserve the euro.