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Greece Will Need Third Bailout, Says Greece's IMF Rep

Greece will need a third arranged bailout with its international lenders after falling far short of its austerity programme targets, an IMF official told the Wall Street Journal in an interview published by Dow Jones Newswires.
The Euro fell sharply to 1.2880 against the US dollar on the news and German bund futures rose to a session high of 140.33 as news of the report spread throughout the capital markets. The IMF, along with representatives from the European Union and the European Central Bank, have been in Athens since Sunday to establish Greece’s progress in implementing its planned spending cuts under terms of its €240bn bailout.
“Greece will require additional financing, which may take the form either of official-sector involvement or of additional loans, hopefully on more favorable terms,” Mr Catsambas said, insisting that the EU and the ECB should take care of procuring the funds as Greece is not able to do that alone.
Troika inspectors, who are at present in Athens, are looking into Greece’s situation to determine whether the next, 31 billion euro tranche of the second bailout can be released, but the final decision is supposed to be taken in November. In case the money is not disbursed on time and Greece runs out of cash, it might be facing an exit from the Eurozone, which in Mr Catsambas’s opinion would be “an undesirable eventuality that will set the country back many decades.”

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