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Strauss-Kahn to meet euro finance ministers

Sandrine Rastello

Published 11/05/2011 | 05:00

IMF managing director Dominique Strauss-Kahn. Photo: Getty Images
IMF managing director Dominique Strauss-Kahn. Photo: Getty Images

IMF managing director Dominique Strauss-Kahn will attend a meeting of euro area finance ministers in Brussels next week.

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The May 16 meeting will take place as officials discuss the possible increase of a €110bn loan package to Greece amid concerns the country may be unable to return to markets next year. IMF spokesman William Murray confirmed Strauss-Kahn's attendance.

EU Economic and Monetary Commissioner Olli Rehn said yesterday officials will need a "few weeks" to determine Greece's financing needs and the potential size of a new aid package. Standard & Poor's yesterday cut the country's debt rating two notches to B, citing the likelihood of debt restructuring. Euro officials said after a May 6 meeting in Luxembourg that Greece needs "a further adjustment programme".

European and IMF officials are examining Greece's progress and "on the basis of the report of the review mission, we will in a few weeks' time have a chance to make an informed decision," Mr Rehn said yesterday.

Greek government bonds rose yesterday, pushing the yield on the country's 10-year debt down 28 basis points to 15.43pc. The yield breached 16pc last month on investor concern the nation may have to restructure its debt. (Bloomberg)

Irish Independent

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