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IMF Pulls Out of Bailout Loans for Greece

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The Board of the International Monetary Fund (IMF) decided on Wednesday not to participate in the next credit-round for Greece. The Board denied new loans to Athens because the country’s debt is too high, and the Greek reforms requested by the Troika are not likely. It is entirely possible that we will see Greece in crisis with the ECM turning point on Sept. 30/Oct. 1.