Greece formally requests new IMF loan
ATHENS, GREECE — Greece on Friday invited the International Monetary Fund to participate in its negotiations with European creditors over a vital third bailout — talks that are expected to start next week after a few days’ delay and must conclude before Greece faces another big repayment Aug. 20. Negotiators were expected to arrive in Athens over the weekend with talks probably starting Monday, Greek officials said. Athens is looking to secure yet another bailout — the third since its finances imploded in 2009 —worth 85 billion euros ($93 billion) over three years. Without the money, the country faces imminent bankruptcy and a probable exit from the shared euro currency. The letter to the IMF, signed by Finance Minister Euclid Tsakalotos, formally requests a new bailout from the fund. That is in accordance with the preliminary third bailout agreement Greece struck with its European partners on July 12, which called for IMF financing and monitoring for Greece from March 2016 — when current IMF financing ends.