Greek meltdown in danger of spreading


David Smith and Iain Dey
Times Online
April 26, 2010

  • A d v e r t i s e m e n t
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Germany, France and the International Monetary Fund (IMF) must act quickly to bail out Greece to prevent a slide in confidence in financial markets, Alistair Darling said yesterday.

“It’s absolutely imperative that the IMF, the euro group and Greece sort this out,” said the chancellor, attending the spring meetings of the IMF and World Bank in Washington.

Eurozone governments and the IMF are preparing a €45 billion (£39 billion) loan package for Greece after market concerns about its ability to meet its financial commitments.

Treasury sources say privately that politicians and officials have sent mixed messages on the support package, which has made a difficult situation worse. Until a few days ago Angela Merkel, the German chancellor, was insisting Greece could get by without assistance. IMF officials have been in Athens since Wednesday working on the rescue.

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