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IMF looks at raising rescue package for Greece
 
  Hedgeweb - WED, APR 28 2010
News The International Monetary Fund is looking at raising its share of Greece??s financial rescue package by ?10bn amid fears that the planned ?45bn bail-out will fail to prevent the country??s debt crisis from spiralling out of control.

According to the FT, senior bankers and officials in Washington and Athens said that the IMF was in talks to increase its aid contribution by ?10bn. The fund could make that sum available under a planned three-year loan.

Jean-Claude Trichet, European Central Bank president, said a Greek default was ??out of the question?. European Commission officials said debt restructuring was not under consideration in talks between Greece, the EU and the IMF.

Investors said Greece needed some ?100bn in financial support and believe the proposed ?45bn is likely only to be enough for a short-term fix, enabling for Greece to fund itself to the end of the year.

Meanwhile Greece??s securities regulator banned short-selling in shares on the Athens bourse until June 28 after investors responding to the country??s deepening debt crisis ditched Greek assets a day earlier.

??The Capital Market Commission, having considered the extraordinary conditions in the Greek market, has decided to ban short selling on the Athens stock exchange. The rule will be in effect from April 28 until June 28,? it said.

 
 
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