More bailout money for Greece

IMF approves new Greek bailout, warns on missteps

The International Monetary Fund on Thursday approved a 28 billion euro ($36.7 billion) bailout for Greece and warned Athens there was no room for missteps in implementing the economic program.

Reuters,

15 March, 2012

The IMF said it would immediately disburse 1.65 billion euros to the Greek government, part of a broader 130 billion euro international rescue package to keep Greece funded through 2014 and avoid a messy debt default.

The IMF board approval ends months of financial uncertainty for Greece. The country secured a joint IMF-EU bailout package after agreeing to a series of painful economic reforms and spending cuts and completing a debt swap that imposed losses of as much as 74 percent on private bondholders.

"The new Fund-supported program will enable Greece to address these challenges while remaining in the euro zone," IMF Managing Director Christine Lagarde said. "Risks to the program remain exceptionally high, and there is no room for slippages."

Greece will hold parliamentary election in April and there are concerns among international lenders that the vote will shift Athens' attention away from the economic program.

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