Greek finance minister says debt talks progressing well

| April 26, 2010 | 0 Comments
Greek finance minister says debt talks progressing well

Greece’s finance minister, George Papaconstantinou, has said talks with the International Monetary Fund (IMF) about emergency loans are progressing well.

Last week, the debt-ridden economy called for emergency funding from the IMF and its euro zone partners.

Emergency loans of up to €30 billion (£26 billion) are expected to be provided in the first year, with a further €10 billion coming from the IMF.

Greece needs to raise about €11 billion by the end of next month to refinance maturing debt and interest charges.

However, uncertainty remains about how quickly Greece can get aid and concerns are still being raised that the problem could spread into other euro zone nations - such as Portugal and Spain.

Speaking after the talks, Mr Papaconstantinou said: “We are all confident that this will be done in time and we will be able to continue to finance Greek public debt without any problem.”

Meanwhile, the IMF’s managing director, Dominique Strauss-Kahn, said he is “confident” that discussions will conclude in time to for Greece’s needs to be met.

The debt crisis in Greece has recently de-valued the euro but today it was steady at around $1.3375.

Against the yen, the currency crept up a further 0.2% to 126.00 yen, having risen 1% on Friday.

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