IMF discuss new loans with Greece

The IMF has given approval for discussions on new rescue loans to Greece, the Greek finance minister said today.

The International Monetary Fund has given approval for discussions on new rescue loans to Greece, the Greek finance minister said today as the country held crucial debt-cutting talks.

“After a waiting period of several weeks, the green light has been given for the country to submit to the IMF a request to begin procedures for the new programme,” Finance Minister Evangelos Venizelos told parliament.

The IMF said yesterday it would seek up to $500 billion in new funds to prevent the European debt crisis from threatening the global economy. Japan said it was ready to help out, but the US has resisted calls for a larger IMF stand-by fund, and its success will hinge on the attitude of emerging economies like China, Brazil and India.

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