Greece invites IMF to participate in bailout talks

Greece invites IMF to participate in bailout talks

PanARMENIAN.Net - Greece on Friday, July 25, invited the International Monetary Fund to participate in its negotiations with European creditors over a vital third bailout — talks that are expected to start next week after a few days' delay and must conclude before Greece faces another big repayment Aug 20, the Associated Press reports.

Negotiators are now expected to arrive in Athens over the weekend with talks probably starting Monday, Greek officials said.

In a statement Friday evening, the IMF confirmed it had received Greece's request for a new IMF loan and said it would work to arrange talks with Greece and its European creditors.

Athens is looking to secure yet another bailout — the third since its finances imploded in 2009 — worth 85 billion euros ($93 billion) over three years. Without the money, the country faces imminent bankruptcy and a probable exit from the shared euro currency.

The letter to the IMF, signed by Finance Minister Euclid Tsakalotos, formally requests a new bailout from the fund. That is in accordance with the preliminary third bailout agreement Greece struck with its European partners on July 12, which called for IMF financing and monitoring for Greece from March 2016 — when current IMF financing ends.

The letter said Athens believes it will take "several quarters" before the Greek economy faces up to its challenges "and returns to a vigorous and sustainable path to growth with fairness and social inclusion." "We look forward to continued cooperation with the Fund," it added.

Greek government spokeswoman Olga Gerovasili said the final third bailout agreement will be brought to Greece's parliament for approval on Aug 18.

"Clearly, the negotiations will be constant until then," she said Friday.

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