Bloomberg News

IMF Defends Greece Funding Program; Says No Talks With Spain

December 16, 2011

Dec. 15 (Bloomberg) -- The International Monetary Fund defended its financial support for Greece and said it isn’t talking with Spain about “any form” of financing.

The IMF is “satisfied” that Greece is “undertaking policies that are in compliance with what it’s agreed,” IMF spokesman David Hawley said in a briefing with reporters in Washington today.

The IMF approved a payment of 2.2 billion euros ($2.9 billion) to Greece on Dec. 5 as part of a joint program with the European Union. That followed a Nov. 30 agreement by euro-area finance ministers on a 5.8 billion-euro loan to Greece under last year’s bailout.

Hawley said Spain’s new government must “quickly deliver the necessary strengthening reforms,” including changes in the labor market to reduce “unacceptably high levels of unemployment.” He said the Washington-based IMF has had “no negotiations with the Spanish authorities on any form of IMF financing.”

--Editor: Gail DeGeorge, James Tyson

To contact the reporter on this story: Ian Katz in Washington at ikatz2@bloomberg.net

To contact the editor responsible for this story: Chris Wellisz at cwellisz@bloomberg.net


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