International Monetary Fund

Making a final decision is delayed until July 11. The euro zone had committed itself to decide before June 20. The new bailout of Greece could amount to 105,000 million. The differences within the eurozone over how best to tackle the complicated situation of the Greek economy have led the European Commission to delay the expected date to reach an agreement until July 11. Zone euro had committed itself to adopt an agreement on June 20, but the existing division has led the European Commission to change strategy and adopt a calendar in two phases: first solve the more immediate needs of financing and let the adoption of the global plan of aid for July 11. In this way, the meeting of Finance Ministers Europeans on Sunday and next Monday in Luxembourg will be consecrated to reach an agreement on the disbursement of the fifth tranche of aid to Greece, which totalled 12,000 million euros, although other sources raise this amount up to 18,000 million.

The objective is that the divisions at the heart of the euro area do not hinder the delivery of this aid at the beginning of July, so that the Hellenic Government can deal with their most urgent payment obligations in July and August, without falling into bankruptcy. In this way, the resolution of the most urgent funding needs will buy some time so that leaders continue discussing the point that creates major disagreements: the contribution of the private sector to the second rescue of Greece. I appeal to all the leaders of the EU, and more particularly to the Finance Ministers of the euro area, so the next Sunday overcome existing differences and reach a responsible agreement at this critical juncture, it urged the European Commissioner for economic and Monetary Affairs, Olli Rehn. Hours earlier, the President of France, Nicolas Sarkozy, ctuo some statements in the same vein, calling for accountability and sense of compromise in the debate on Greece, considering that the euro, a source of stability that is necessary to not be weakened preserve. What remains unclear is whether the International Monetary Fund (IMF) accepts unlock the part where it belongs for the next disbursement (3,300 million euros), because until now it had demanded the Europeans a commitment to ensure funding to Greece for one year (until June 2012) as a condition to do so.

High level of tension until the resignation of Dominique Strauss-Kahn as managing director of the Fund, last may, this entity accepted a political commitment of the countries of the euro to unlock aid, but the thing was complicated after the fall of the French at the head of the institution, which began to demand more guarantees. In this sense, the statement sent by Commissioner Rehn allows to glimpse the Commission hoped to convince the institution based in Washington that disbursed the aid to avoid any difficult situation. For its part, the IMF has said that it determines its continuity in the Greek programme of assistance to the country adopt measures agreed with the so-called troika consisting of the Fund, the European Central Bank and the EC.

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