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NewsIMF releases US$4bil rescue funds for Greece
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IMF releases US$4bil rescue funds for Greece
by hlk Wed 07 Dec 2011, 13:44
WASHINGTON: The International Monetary Fund (IMF) has released 2.2 billion euros (US$3.96bil) in rescue funds for Greece, giving a nod to new Prime Minister Lucas Papademos’ commitment to a tough reform programme.
Delayed for months by political turmoil that led to the early November downfall of prime minister George Papandreou, the move opens the way for the European Union to release its 5.8-billion-euro share of the latest bailout installment.
The funds could help Athens avoid a looming default on its debt that many fear could crack the 17-nation eurozone.
But IMF managing director Christine Lagarde also stressed that a restructuring of Greek sovereign debt by private banks, aimed at saving Athens 100 billion euros, was crucial to stabilising its finances.
“Near-universal participation in the proposed private debt exchange will be important to realise a sustainable debt position, meet financing needs and ensure continued fund support,” Lagarde said in a statement.
The IMF’s executive board approved the immediate release of the funds on Monday after reviewing Greece’s performance under the rescue programme, launched in May 2010. — AFP
Delayed for months by political turmoil that led to the early November downfall of prime minister George Papandreou, the move opens the way for the European Union to release its 5.8-billion-euro share of the latest bailout installment.
The funds could help Athens avoid a looming default on its debt that many fear could crack the 17-nation eurozone.
But IMF managing director Christine Lagarde also stressed that a restructuring of Greek sovereign debt by private banks, aimed at saving Athens 100 billion euros, was crucial to stabilising its finances.
“Near-universal participation in the proposed private debt exchange will be important to realise a sustainable debt position, meet financing needs and ensure continued fund support,” Lagarde said in a statement.
The IMF’s executive board approved the immediate release of the funds on Monday after reviewing Greece’s performance under the rescue programme, launched in May 2010. — AFP
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