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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: RJA_ who wrote (73235)4/15/2010 10:02:26 AM
From: Haim R. Branisteanu   of 74559
 
IMF Head: Greece Has Requested Talks On Multi-Year Financing
By Tom Barkley
Of DOW JONES NEWSWIRES

WASHINGTON (Dow Jones)--The head of the International Monetary Fund confirmed Thursday that Greek authorities requested talks on a multi-year financing deal, as part of a joint rescue package with euro-zone countries.

"Following a request by the Greek authorities, I have agreed to send an IMF team to Athens to begin discussions with the Greek authorities this coming Monday on policies that could provide the basis for fund financial assistance, under a multi-year program, in the case that the authorities decide to ask for such assistance," IMF Managing Director Dominique Strauss-Kahn said in a statement.

"The Greek decision to initiate fund program engagement is consistent with the agreement among European leaders last weekend that financial support from members of the euro area should go hand-in-hand with IMF engagement and financial assistance," he said.

Earlier Thursday, Greek Finance Minister George Papaconstantinou sent a letter to Strauss-Kahn and European leaders asking for "discussions" about an aid package in case the need for financing arises.

Last Sunday, finance ministers from the 16 countries that use the euro agreed on a joint rescue plan for Greece that would include as much as EUR30 billion from other euro-zone members in the first year. The IMF is also expected to contribute EUR15 billion, though the amount hasn't been announced.

-By Tom Barkley, Dow Jones Newswires; 202-862-9275
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