Friday, September 16, 2011

IMF threatens to withhold Greek loan

IMF threatens to withhold Greek loan
By Peter Spiegel in Brussels, Alan Beattie in Washington and Joshua Chaffin in Wroclaw, Poland

Christine Lagarde, head of the International Monetary Fund, on Thursday raised the spectre of her organisation withholding its portion of an €8bn ($11bn) aid payment Greece needs by the end of this month, saying Athens had implemented requisite economic reforms “in parts”.

Speaking ahead of a highly anticipated meeting of IMF, US and European finance officials in Poland, Ms Lagarde said Athens had to re-ignite “the urge to deliver on commitments” made by its government after a period during which “momentum had slowed down”.

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