Christine Lagarde, managing director of the International Monetary Fund, on Thursday unveiled a plan that will unlock some new funding for Greece. Lagarde said she would ask the IMF board to back “the approval in principle” of a new IMF loan for Greece. A full agreement would away agreement on debt relief from Greece’s European creditors that the international financial agency has demanded. The deal will unlock some IMF funding thus “reducing serious stress on the Greek economy,” Lagarde said. Greece is facing debt repayment in July.
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