Greece wants to amend EU aid deal, bypass IMF – MNI

SINGAPORE, April 6 (BestGrowthStock) – Greece’s government,
concerned that the IMF would impose tough conditions in
exchange for aid, wants to amend a deal struck at an EU summit
last month to bypass an IMF financial contribution, senior
government sources in Athens told Market News International.

“The reason is that since the summit, (Greek) Prime
Minister (George Papandreou) has been receiving information
from the IMF about the possible measures and reforms it would
be asking in exchange for financial support,” MNI quoted one
unidentified senior official as saying.

“The measures are tough and might cause social and
political unrest. After that, various cabinet members voiced
their opposition to the IMF contribution.”

The joint financial safety net offered by the EU and
International Monetary Fund is considered a last resort if
debt-stricken Greece needs assistance in dealing with crippling
borrowing costs.

Greece needs to finance some 23 bilion euros in maturing
debt by the end of May.

The head of the IMF said last week there was no immediate
sign that Greece would need outside help. [ID:nLDE62S0TU]

The sources told MNI that the Greek government will be
seeking a clearer European mechanism, without the participation
of the IMF, which will be speedier and will respond immediately
to a country’s official request for financial support.

“What the government wants is to improve the deal and iron
out the details that have not been decided yet,” the senior
fficial said.

“There is a strong chance that Greece might be forced to
ask for financial support after all, despite official
statements to the contrary, and it is essential that the terms
and conditions be clear.”

Greece wants to amend EU aid deal, bypass IMF – MNI