28 May '11, 3am

IMF faces dilemma with Greece

WASHINGTON: The International Monetary Fund (IMF) faces a tough dilemma with Greece, tugged between bending its standards to give more support to Athens and to push the country out on its own, at risk of a debacle for the eurozone. A team from the global lender of last resort has been in Athens for three weeks trying to negotiate the next tranche of their 30 billion euro bailout loan to the country, part of a joint 110 billion euro packed with the European Union to save Greek finances. If it goes ahead, it would be the largest loan the IMF had ever disbursed to one country. But after warnings from both the EU and IMF that Greece is not meeting the conditions of the rescue, the next disbursement is not a done deal. IMF acting managing director John Lipsky told Bloomberg Television Friday from Deauville, France, where the G-8 countries were meeting, that Greece has to follow...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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