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IMF to consider next Greek tranche end of September

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The International Monetary Fund board could consider Greece's next loan tranche toward the end of September, an IMF spokesman said Thursday.

IMF spokesman David Hawley said an IMF-EU mission currently in Athens would likely complete the fifth review of Greece's economic adjustment program on Sept. 5.

"Assuming agreements are in place, the IMF executive board could be in position to consider approval of the next disbursement towards the end of September," Hawley told reporters.

He said Greece had not requested a follow-up program that could entail additional IMF-EU funding.

Some emerging market economies, such as Brazil, have expressed concern over the Greek program and indicated they would not support more IMF funding for the euro zone member under a second program.

With the EU leading the 110-billion euro Greek bailout, the concern by some emerging markets is that the IMF's sway to force needed adjustments in Greece is weakened.

Hawley said the IMF was currently "very adequately finance."

"The decision to support a member country is the function of that member country's needs and financing requirements," he added.

Hawley said a planned private-sector Greek bond exchange was not part of the review, suggesting the next installment of Greece's loan would be disbursed without the conclusion of the swap.
 
Sources close to the private-sector talks said the participation of private sector creditors in the bond swap to relieve the country's debt burden was at about 50 percent, below a 90-percent target.

The IMF has urged a quick resolution to the debt exchange and Athens has given banks until Sept. 9 to choose how they will participate.

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