IMF approves bail out for Greece

by sagarmedia on March 16, 2012 IMF OKs bailout to Greece
The International Monetary Fund has officially approved a 4-year bailout for Greece worth 28 billion euros, or around 36.6 billion dollars.
IMF spokesman Gerry Rice read a statement on Thursday after the global lender’s executive board meeting. It said the board approved the rescue to support Greece’s ambitious economic reform.
He also called on Greece to steadily implement fiscal and structural reforms that are preconditions for the bailout package.
The IMF’s nod to the additional funding for Greece followed the EU’s approval of its own bailout loans.
Hope is growing that the international funding will, for the time being, somewhat ease the European credit uncertainty sparked by Greece’s fiscal crisis.
The Group of 20 developed and emerging economies are still calling on European countries to bolster their framework to prop up fiscally-troubled nations. Attention is focused on whether European nations can quickly agree to strengthen the framework.