IMF steps in as Greece hits rock bottom


A team of delegates from the International Monetary Fund (IMF) have flown into Athens to open talks with Greek officials as they seek to find a solution to Greece's dire economic situation.

The IMF team have touched down in Greece with the intention of assisting the Greek government and advising them on how to better manage their finances. This follows new worries over the standing of financial markets, this past Tuesday the situation worsened as interest on Greece’s debt saw a sharp upturn.

Eurozone markets are thought to be worried that Greece will be forced to default which in turn has led 10-year borrowing rates to go up to 7 percent. The worry leading to increased rates only serves to further condemn Greece as increased rates will make it harder to clear the debt. The eurozone nations have previously stated that if a bail out was to happen then the IMF would have to participate with them in tandem. If an emergency loan was given to Greece then it would mark the first time a eurozone country has needed such a bail out.

With other countries feeling the pinch it’s not a good time for the eurozone. Figures have shown that economic growth has come to a virtual stand-still.