7 Oct 2011

Greece says talks with IMF on bailout completed

11:26 am on 7 October 2011

Greece said on Thursday it concluded talks with the Internatonal Monetary Fund (IMF) on a vital tranche of aid and would continue discussions with EU inspectors on Friday.

Inspectors from the European Union, the International Monetary Fund and European Central Bank - known as the troika - resumed their review of Greece's progress on a bailout deal last week.

An IMF official said the Fund's latest review of Greece's loan programme will be completed within days.

Without the aid, Athens may run out of cash as early as next month, prompting a swift default that would drag the euro zone deeper into a debt crisis already shaking financial markets worldwide.

A senior official from the troika told Reuters on Wednesday that the Greek aid tranche was likely to be agreed but that Athens must first do more to convince its lenders it can implement reforms.