IMF Declares That The Greece Crisis Is 'Serious'


Martin Crutsinger, AP Economics Writer

WASHINGTON (AP) — The head of the International Monetary Fund says that the debt crisis in Greece is serious and there would be no “silver bullet” to resolve the issue in an easy manner.

IMF Managing Director Dominique Strauss-Kahn said that negotiations with the IMF over conditions for a support package were just beginning and would take some time to come to a resolution.

But Strauss-Kahn told reporters that the IMF was not considering some type of restructuring of Greek debt that would make holders of the debt accept something less than full value for their loans. That worry has roiled markets in recent days.

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