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IMF Approves EUR 2.2 Bln Loan Tranche For Greece

The International Monetary Fund Monday approved a EUR2.2 billion tranche of its emergency loan program for Greece, paving the way for the debt-ridden country to avoid default.
The IMF board approval of the program allows the fund to immediately disburse financing to Athens, buying time for Europe to prevent a wider spread of the debt crisis into the rest of the euro zone.
The tranche had been delayed as Greece had failed to meet many of its basic loan program conditions and as concerns increased about the ability of the Greek government to turn its economy around.
IMF chief warns Greece in “difficult phase”
The head of the International Monetary Fund on Monday said Greece’s adjustment program was in a “difficult phase” with economic reforms moving slowly and growth extremely weak, a warning that came as the global lender approved a new aid tranche for the debt-burdened country.
IMF Managing Director Christine Lagarde urged the new unity government to implement agreed policies and said fiscal adjustment was the most pressing challenge for Prime Minister Lucas Papademos’ new coalition government.
“The new government should use its wider mandate to steadfastly implement the program, which is the best way to help Greece manage the risks it now faces,” she added.
(source: Dow Jones, Reuters)

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