We need your help now

Support from readers like you keeps The Journal open.

You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.

If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.

Katie Collins/PA Wire/Press Association Images

Greece could spark second global downturn - IMF

The IMF warns that the Greek debt crisis needs to be resolved before it spirals.

THE IMF IS still warning about the impact of the eurozone’s debt crisis could overwhelm recovery efforts.

The organisation called on the EU to get on with resolving the Greek debt crisis before contagion spreads throughout the eurozone and causes a second global financial crisis.

The Guardian reports that the warning is the starkest made yet about the Greek situation. The IMF’s statement came as EU finance ministers said Greece would not receive the next €12bn payment of its current bailout agreement until a raft of austerity measures have been introduced.

The Greek government faces a crucial confidence vote today as it works to pass those measures.

The head of the eurozone finance ministers’ group Jean-Claude Juncker warned at the weekend that a Greek default would have serious repercussions for five countries in particular, including Ireland.

The British Treasury, meanwhile, is considering its options in case of a Greek debt default.

The Telegraph reports that Treasury ministers have admitted to considering contingency plans in case Greece goes bankrupt and British MPs said yesterday that they do not want Britain to play any part in a second Greek bailout arrangement.

Read more: Crunch time for Greece as government faces confidence vote >

Read: Change to Europe’s bailout fund “very good news” for Ireland >

Readers like you are keeping these stories free for everyone...
A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation.

Your Voice
Readers Comments
    Submit a report
    Please help us understand how this comment violates our community guidelines.
    Thank you for the feedback
    Your feedback has been sent to our team for review.