German Report Casts Doubt on IMF Payout for Greece

Reuters
June 1, 2011

It seems certain the IMF will not pay its share of an aid tranche to Greece at the end of the month but the global lender is likely take part in any new program, a German newspaper reported on Wednesday.

Without quoting any sources, Frankfurter Allgemeine Zeitung (FAZ) said a new bailout program was probably the only way to save Greece from bankruptcy.

The suggestion in the FAZ report that that IMF would withhold its share of a 12 billion euro tranche due to be paid out to Greece at the end of the month was at odds with what sources have told Reuters in recent days.

"I don't expect the IMF to blink first," one International Monetary Fund (IMF) source with knowledge of the negotiations said this week. "Everyone has an interest in finding a solution. We still have a few weeks."

The euro dipped against the dollar after the newspaper report, before recovering.

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