IMF Says Ready To Continue Support For Greece

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  • IMF SAYS `WE STAND READY TO CONTINUE OUR SUPPORT FOR GREECE'
  • IMF SEES `POSITIVE OUTCOME' ON GREECE AT NEXT EUROGROUP MEETING
  • IMF SAYS SUPPORT SUBJECT TO ADOPTION OF AGREED GREEK MEASURES

And the EUR surges

From Market News:

Monetary Fund made it clear Thursday that financial support for Greece
is subject to completion of agreed upon economic reforms, and said a
"positive outcome" is expected at next week's Eurogroup meeting on
ensuring the aid program can be financed.

"We stand ready to continue
our support for Greece subject to adoption of the economic policy reforms agreed with the Greek authorities," Caroline Atkinson,
IMF director of External Relations, said in a statement.

"Progress
is being made in the discussions to ensure the full financing of the
program, and we anticipate a positive outcome on this at the next
Eurogroup meeting," she said. nnHowever, she noted that, "Conclusion of
the pending program review remains subject to approval by the IMF's
Executive Board."

An IMF team visited Greece
to complete the latest review, but no date has been set as yet for the
executive board to consider the staff report and recommendations.

nThe IMF statement comes after EU's Economic and Monetary Affairs
Commissioner Olli Rehn earlier Thursday essentially
announced that the EU is now playing for time in efforts to ensure
continued Greek funding.

Rehn sought to downplay expectations for the
upcoming Eurogroup meeting on June 19-20, saying only that he was confident it would agree on disbursement of a E12 billion tranche from Greece's
current E110 billion bailout package.

But Rehn said a new bailout of
around E90 billion (depending whose estimates you choose to believe)
will not be decided until the following Eurogroup meeting on July 11. nn** Market News International Washington Bureau: 202-371-2121 **