IMF board meets on Greece

WASHINGTON : The board of the International Monetary Fund held an "informal" meeting to discuss the problem of Greece W

Published September 14, 2011 Updated September 14, 2011 05:41pm

1 min

By Imad Uddin

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"This was one of the regular informal briefings to update the board, not a decision-making meeting," the IMF said in a brief statement.

"Staff will continue its work, together with the Greek authorities and with our European partners, with the intention of completing the fifth review of the program to support Greece's economy."

The meeting came as Greece, which received a 110-billion-euro ($150-billion) European Union-IMF-European Central Bank rescue last year and is hoping for more aid, was feared to be on the edge of defaulting on government borrowings, putting at risk the eurozone.

An EU-IMF audit team that arrived in Athens early this month departed without completing its review, leaving on hold the next disbursement of eight billion euros from the aid package.

The team left the country last Friday saying more budget work was needed, and the government admitted its deficit target is in trouble due to the deeper than anticipated recession.

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