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Europe

IMF chief urges EU to find agreement on Greek bailout extension

Text by News Wires

Latest update : 2010-12-07

International Monetary Fund (IMF) chief Dominique Strauss-Kahn (pictured) has said that the terms of Greece’s bailout package should be reviewed to extend the repayment period, but insisted that the IMF and the EU needed to settle the issue jointly.

AFP - The European Union and the IMF should reach agreement on extending the repayment period for a 110-billion-euro three-year rescue loan accorded Greece last May, IMF head Dominique Strauss Kahn said Tuesday.

Strauss-Kahn, speaking after meeting Greek Prime Minister George Papandreou, said he backed an extension but added that a decision should be taken jointly by the EU and the International Monetary Fund.

The EU contributed two-thirds of the 147-billion-dollar package and the IMF a third.         
Strauss-Kahn said he noted that support for an extension had grown within the EU but the initiative has met German reservations.
             
Greece last week said eurozone finance ministers had "opened the way" to an extension as a means of aligning Greek repayment conditions with those of Ireland, which has also received an EU-IMF bailout.
 
A senior Greek finance ministry official has said an extension to 2024, as opposed to 2015 currently

 

Date created : 2010-12-07

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