Greece for­mally re­quests new IMF loan

Cape Breton Post - - SPORTS | WORLD -

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.

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