IMF chief proposes $36.7 billion Greek loan for four years

The International Monetary Fund next week will consider making a loan worth 28 billion euros ($36.7 billion) to Greece over a four year period, as part of a second international bailout package for Athens. The loan size would be at the upper end of the amount expected and for a year longer than similar IMF programs.
IMF Managing Director Christine Lagarde said on Friday that after consulting with the IMF's Executive Board, she will recommend it approve an Extended Fund Facility to help support Greece in restoring its competitiveness and undertaking sustained and deep structural reforms.
"My decision to recommend to the IMF's Executive Board that the Fund should continue to assist Greece in this endeavour by providing substantial financial support over an extended period of time would be commensurate with the long-term nature of the challenges facing Greece and with the significant financial contributions provided by the private sector and by Euro Area member states," Lagarde said in a statement.