7 JUN 2011
The success of the international bail-outs in Greece, Portugal and Ireland is integral to Britain's economic recovery, the acting boss of the International Monetary Fund (IMF) has warned.
By Louise Armitstead | The Telegraph
Speaking in London, John Lipsky tackled the assumption that Britain is safely out of the European debt crisis.
He said: "The UK economy trade with the eurozone is vital - especially with Ireland." He added: "We all have an interest in the [bail-out plans] working."
Mr Lipsky said that the united response from the IMF, European Union and European Central Bank was sufficient to restore stability to Greece.
Referring to the troika's agreement announced on Friday to grant Greece its next €12bn (£10.7bn) tranche of cash, he insisted that the debt would be serviced under the current terms.
He said: "Still to be confirmed are the financing needs associated with that. Right now the programme that we are supporting - that has been approved and which the latest package is intended to put back on track - does not contemplate debt restructuring."
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The IMF's statement on the UK economy: in full