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 IMF chief proposes 28 billion euro Greek loan for 4 years

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lexie
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PostSubject: IMF chief proposes 28 billion euro Greek loan for 4 years    Fri Mar 09, 2012 6:29 pm

Fri Mar 9, 2012 5:21pm EST

IMF chief proposes 28 billion euro Greek loan for 4 years

(Reuters) - The International Monetary Fund next week will consider making a loan worth 28 billion euros ($36.7 billion) to Greece over a four year period, as part of a second international bailout package for Athens.

The loan size would be at the upper end of the amount expected and for a year longer than similar IMF programs.

IMF Managing Director Christine Lagarde said on Friday that after consulting with the IMF's Executive Board, she will recommend it approve an Extended Fund Facility to help support Greece in restoring its competitiveness and undertaking sustained and deep structural reforms.

"My decision to recommend to the IMF's Executive Board that the Fund should continue to assist Greece in this endeavor by providing substantial financial support over an extended period of time would be commensurate with the long-term nature of the challenges facing Greece and with the significant financial contributions provided by the private sector and by Euro Area member states," Lagarde said in a statement.

"The scale and length of the Fund's support is a reflection of our determination to remain engaged."


http://www.reuters.com/article/2012/03/09/us-greece-imf-loan-idUSBRE8281C120120309

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PostSubject: Re: IMF chief proposes 28 billion euro Greek loan for 4 years    Fri Mar 09, 2012 11:58 pm

Kicking the can down the road ... unless ....

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