World
IMF to not bend rules over Greece debt issue
The International Monetary Fund (IMF) Managing Director Christine Lagarde said that the fund will not bend rules on debts owed by Greece but would remain fully engaged in order to help find solution.
 
"Whenever the IMF (is) involved, it's certainly my view that the IMF has to follow its rules, should not bend the rules, and should always be even-handed, there cannot be any special treatment," Lagarde spoke at the Brookings Institute on Wednesday.
 
"Our loans to countries experiencing difficulties, our loans are conditional upon various requirements, but all of them aim at restoring stability, restoring growth and debt sustainability," she said, Xinhua reported.
 
Lagarde reiterated that Greece should walk on two legs in terms of reform: one is significant reforms and fiscal consolidation, and the other is debt restructuring with sustainability.
 
She underlined that the situation of accrued crisis needs to be addressed "seriously and promptly", and the IMF would be engaged to find the most inclusive solution to help restore stability, growth and debt sustainability in Greece.
 
Since July 1, Greece has been in arrears to the IMF and needs to repay 3.5 billion Euros in loan installments to the European Central Bank by July 20. 
 
Without emergency assistance, Greece seems to head to default, largely increasing the risk of exit from the Eurozone.
 
Last week the IMF said in a staff report that financing needs for Greece could add up to more than 50 billion Euros (about $55.42 billion) over the next three years and the country is unlikely to close its financing gaps from the markets on terms consistent with debt sustainability.

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Greece extends closure of banks
The Greek government has extended bank closures and a 60 euro($66) daily limit on ATM withdrawals until Monday, media reported on Thursday.
 
"The bank holiday is extended to July 13," the finance ministry said in a statement late Wednesday.
 
The curbs were imposed on June 28 after a deadlock in bailout talks with creditors led a rush of withdrawals, BBC reported.
 
The announcement came after the European Central Bank (ECB) decided not to increase support for Greek banks until the debt crisis is resolved.
 
Greek Prime Minister Alexis Tsipras has said that he would submit "credible" reform plans on Thursday - ahead of a Sunday deadline by the European Union (EU) to find a solution.
 
European Council President Donald Tusk has said that this was now the "most critical moment in the history of the eurozone".
 
"The final deadline ends this week," he said after emergency talks of the eurozone leaders in Brussels on Tuesday.
 
Greece's last international bailout programme expired on June 30 and it missed an International Monetary Fund (IMF) payment.

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NYSE resumes trading after nearly four-hour halt
The New York Stock Exchange (NYSE) resumed floor trading after more than a three-hour halt on Wednesday due to an undisclosed technical problem, officials said.
 
NYSE halted trading in all securities starting from 11.32 a.m. on Wednesday.
 
NYSE and US officials reported it as a technical issue and not the result of a cyber-attack, Xinhua reported.
 
The Federal Bureau of Investigation said no law enforcement action is needed at NYSE.
 
The White House confirmed that there was no indication of cyber-attacks in the trade suspension of the NYSE.
 
"At this point, there is no indication that malicious actors were involved in these technology issues," said Josh Earnest, the White House spokesman.
 
The trading halt came in the middle of a selloff in US stocks that was fuelled by concerns over Greece's uncertainty.
 
However, trading of NYSE securities on other platforms, including NASDAQ, was unaffected. Investors could still buy and sell NYSE-listed stocks at other venues.
 
The NYSE problem came soon after the United Airlines grounded planes at US airports for two hours due to a computer glitch.
 
The website of Wall Street Journal was also temporarily out of use for a while around mid-day for technical difficulties, and was resumed shortly.

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