IMF Will Not Join Greek Bailout Before Autumn

There is strong support at the IMF for joining a new bailout package for Greece but the fund will not decide whether to participate until autumn, Sweden’s representative to its executive board told a newspaper.

The International Monetary Fund has been part of Greece’s first two financial rescues, but doubts have been raised about its commitment to a third package.

The European Commission said on Friday the Fund was participating fully in bailout talks between Greece and its international lenders that started in the last week of July.

A day earlier the Financial Times, citing a summary of an IMF board meeting, said the Fund could not officially join the talks until after Greece agreed comprehensive reforms.

Thomas Ostros, who is an alternate – or replacement – director on the fund’s 24-member board, said there was “strong (IMF) support for being part of a new loan program, but it will take time,” according to an interview in Thursday’s edition of Swedish daily Dagens Nyheter.

via Reuters

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