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Greece Needs More Time to Hit Austerity Targets, Says IMF

Greece is likely to be granted more time — but not more money — to meet the austerity measures set by its €130bn (£105bn) bail-out package, leaders have signalled.

by Louise Armitstead

Greece’s Yannis Stournaras said after a meeting of European finance ministers in Cyprus that the issue of breathing space for his country to meet its budget targets was “on the table”.

Christine Lagarde, director of the International Monetary Fund (IMF), added: “There are various ways to adjust: time is one and that needs to be considered as an option.”

However, leaders put off making a firm decision until late October. Sources said they wanted to see if the European Central Bank’s radical bond buying programme, the Outright Monetary Transactions (OMT), would have an impact on Greece’s stricken finances.

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