EU-IMF approve 3rd payment of Greek funds, with condition

ATHENS: EU and IMF auditors approved on Tuesday the payment of a third slice of rescue funds for Greece but said the debt-stricken country had to make an extra effort to merit a fourth in February.

The auditors, speaking after a review Greek public finances following a 110-billion-euro (150-billion-dollar) May rescue, did not rule out extending the repayment timetable nor providing a further loan to Athens.

Asked whether the May package could be extended, Poul Thomsen of the International Monetary Fund noted that the initial loan was for a relatively short time and that Greece should in due course be able to return to the markets to borrow funds.

However, there were various options for dealing with the repayment issue, Thomsen said, adding: "We have options of allowing longer repayment periods or to give a follow up loan."