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IMF will 'play its part' in new Greek bailout: Lagarde

21 July 2011, 21:45 CET
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(BRUSSELS) - International Monetary Fund chief Christine Lagarde welcomed a second Greek bailout deal Thursday and said the Fund would continue to "play its part".

She also called for speedy implementation of measures agreed to shore up the broader eurozone in the face of a threatened contagion sparked by the Greek situation.

"In particular, we strongly welcome the more favourable financing terms being provided by euro member states... (and) are also encouraged by the willingness of the private sector to support Greece on a voluntary basis," she said of the proposed 159-billion-euro ($228 billion) agreement.

"Based on strong implementation of the program by the Greek authorities, and the determination by member states to support Greece, the IMF will continue to play its part in line with Fund policies and, of course, subject to the approval by our Executive Board," she said in a statement.

Lagarde lauded the move by European leaders to expand and strengthen the European Financial Stability Facility to fortify the single currency region against the problems of its weakest members -- especially Greece, Portugal and Ireland.

"Implementation is a matter of urgency," she said.

"We also support the measures to strengthen fiscal consolidation and growth across the euro area. We look forward to the rapid finalization of the legislative package on the strengthening of economic governance."


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