IMF sees no ‘acute’ pressures on Greece

The International Monetary Fund says it sees no near-term “acute” financing pressures on Greece, despite a delay in the release of the next loan instalment under its international bailout.

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“We believe that Greece’s financing needs in the coming months can be met from the existing liquidity buffer. We see no acute financing pressure,” IMF spokesman Gerry Rice said at a news conference.

The IMF said in statement earlier in the day that auditors from the IMF, the European Central Bank and the European Commission had wrapped up their latest visit to Greece to review progress on the country’s economic program, without reaching a full agreement.

Such audits determine whether or not Greece receives the next instalment of one billion euros ($A1.45 billion) in financial aid.

The Washington-based IMF said that the discussions had been productive on the policies that could serve as a basis for completion of the review.

It said good progress has been made, but a few issues remain outstanding.

Talks would continue from the headquarters of the three creditor bodies and the auditors would return to Athens early in December, the statement said.

Rice, speaking at a regularly scheduled news briefing, said that “the focus now is on reaching agreement on a set of policies that would facilitate the conclusion of this fifth review.”

“The Greek authorities have a strong track record on meeting their fiscal target and are fully committed to those for next year,” he added.

Greece lurched into recession when the global economic crisis hit in 2008 and by 2010, rising borrowing costs on its massive debt forced Athens to seek a bailout from the EU and IMF.

Two bailouts, worth up to 240 billion euros plus about 100 billion euros in a debt write-off, helped stave off a feared break up of the euro and kept the Greek state financially afloat.

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