Saturday, 27 March 2010

Greek deal wins muted approval

"BRUSSELS (Reuters) - Euro zone leaders won muted approval from financial markets on Friday for a "band aid" agreement to create a safety net for debt-ridden Greece, but a row over the IMF's role flared up just as it had seemed settled.Central bankers played down the likelihood that Athens, which is struggling to cut a giant budget deficit, would ever need hard cash from European governments and the International Monetary Fund to avoid defaulting on its debt.But the day after the leaders hammered out their deal in Brussels, the plan remained short on details and the IMF had yet to make any public comment on its role, which Berlin had demanded due to German public hostility to bailing out Athens.One prominent European Central Bank policymaker said he remained against the Fund's involvement. ...."

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