IMF Calls for ‘Greater Sense of Urgency’ on Greek Funding

The International Monetary Fund today called for a “greater sense of urgency” in resolving the Greek debt turmoil and avoiding a contagion to the core of Europe.

“The fiscal situation in Greece threatens market disorder that would affect funding rates for other vulnerable sovereigns and could have severe implications for financial institutions,” the IMF staff said in a note prepared for a meeting of Group of 20 deputy officials in Paris last week. “Delays to implement measures to ensure that Greece is securely funded would likely cause market disruption.”