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Euro under pressure on lack of detail on financial aid

The International Monetary Fund on Friday joined the European Union in pledging support for Greece in its struggle to bring its ballooning budget deficit under control and contain its debt crisis.

business Updated: Feb 12, 2010 22:01 IST

The International Monetary Fund on Friday joined the European Union in pledging support for Greece in its struggle to bring its ballooning budget deficit under control and contain its debt crisis.

The IMF’s declaration follows an EU summit, which sent Athens a “clear message of solidarity,” but produced no specific rescue plan, disappointing markets and sending both the euro and Greek government bonds lower.

“We stand willing and able to support Greece in ways that the Greek authorities think is appropriate,” IMF First Deputy Managing Director John Lipsky said in Mumbai at a meet.

Guardian newspaper laid the blame for limited progress on Germany, citing sources as saying that Chancellor Angela Merkel blocked work on a specific financial rescue plan.

EU President Herman Van Rompuy and Merkel said it was impossible to offer specifics because Greece, saddled with one of the biggest debt burdens, has not asked for EU help.