Partner Article

Greek Crisis deepens

The IMF has warned EU leaders that they must act quickly to agree a Greek bailout to avoid another global financial crisis according to the Guardian.

EU ministers delayed a 12 billion Euro loan until next month, behaviour which the IMF has warned could cause probems to quickly spread throughout the eurozone and even affect the markets globally.

The IMF made this warning in the face of deep-set internal Greek problems. George Papandreou the Greek prime minister has attempted to secure parliamentary suppot for wage cuts and privatisation in an attempt to save the country.

John Lipsky, the acting head of the IMF spoke out strongly against the EU’s failiure to adress the problem quickly, and called for a “cohesive and co-operative approach to crisis management,”

Another Eurogroup meeting has been called for next Sunday, though this is coming increasingly close to mid-July, the deadline for Greece to recieve the money to avoid defaulting.

This was posted in Bdaily's Members' News section by Ruth Mitchell .