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IMF cannot join Greek rescue, board told

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IMF cannot join Greek rescue, board told

IMF cannot join Greek rescue, board told
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A report in the Financial Times claims that Greece’s high debt levels and poor record of implementing reforms rule out a third IMF bailout at present.

The paper claims to have obtained a confidential report of an IMF meeting on Wednesday.

The board were reportedly told that while the IMF will participate in the new negotiations, the Fund will not decide on whether or not to agree a new programme for months.

The paper says such a delay could have repercussions in Germany and make it more difficult to gain Bundestag approval for a new bailout without the IMF on board.

The summary obtained by the FT says the IMF could only participate after Greece has agreed on a comprehensive set of reforms and after creditors have agreed to debt relief, something German and some other EU leaders are reluctant to concede.