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Greece Cancels Existing IMF Bailout Program

IMF
Greek government sources and the International Monetary Fund itself confirmed today that the bailout program agreed in 2012 has been cancelled at the request of Greek authorities.
According to Ministry of Finance sources, the joint decision was made in order to avoid administrative charges related to the program. The cancellation of the IMF program at the request of Greek authorities has been confirmed by IMF press officer Andreas Adriano.
The cancelled program, which was introduced as part of the second Greek bailout, was to expire at the end of March 2016, with the government having already requested a new one.
If a new one is agreed (the IMF has yet to decide on whether it will participate with financial support in Greece’s third bailout program), the Fund will introduce its own Memorandum of Agreement which will work in tandem with the one introduced by the European authorities.

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