EU insists Greece implement bailout terms

(CANNES) - Greece must stick to the terms of the bailout package agreed last week by eurozone leaders, EU President Herman Van Rompuy and European Commission chief Jose Manuel Barroso said Thursday.

"The euro area stands ready to continue to support Greece, but Greece needs to stick to the agreed package of 26-27 October and in particular to continue with the implementation of the EU/IMF programme. This needs to be crystal clear," the top EU officials said in a joint statement on the sidelines of the G20 summit.

Greek Prime Minister George Papandreou sparked turmoil in world markets earlier this week when he said he would put the rescue deal to a referendum.

He revised his decision on Thursday after French President Nicolas Sarkozy and German Chancellor Angela Merkel warned that Greece would receive no more IMF and EU funding until the deal was approved.