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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Photos Sitemap IMF experts in Athens as crisis hits euro AFP - Thursday, April 8 Send IM Story Print Greek pensioners demonstrate in Athens to protest against the government's austerity measures. IMF experts have advised Greece on how to enact painful budget cuts but market doubts on the country's ability to raise money to pay its bills keep borrowing rates high and are driving down the euro. ATHENS (AFP) - – IMF experts advised Greece Wednesday on how to enact painful budget cuts but market doubts on the country's ability to raise money to pay its bills kept borrowing rates high and drove down the euro. The IMF advisers began a two-week mission to Athens with meetings at the finance ministry, with markets in turmoil over Greece's next fund-raising steps to slash a massive budget deficit and stay abreast of loan repayments. The deteriorating climate has also spooked Greek banks, with Bank of Greece governor George Provopoulos telling the finance ministry the country's four main lenders had applied to join a state support scheme. National Bank, Eurobank, Alpha Bank and Piraeus Bank asked for guarantees worth 15 billion euros (20 billion dollars) under a 28-billion-euro support scheme put in place by the previous conservative administration in late 2008, semi-state agency ANA said. A finance ministry official said the government had already decided to extend the bank support scheme by six months. "The whole Greek economy and the banking system are under pressure so one needs to have the assurance of additional guarantees," a finance ministry source said. In London, the euro fell further, driven down again largely by anxiety over the Greek crisis, and was being quoted at 1.3387 dollars from 1.3397 dollars late on Tuesday. At Credit Agricole CIB, analyst Stuart Bennett said the euro continued to be undermined by the situation in Greece, which faces a deepening dilemma of huge debt, dangerously high interest rates and damaging market rumours. The International Monetary Fund experts are officially on a mission to advise ministers on how to manage budget cutbacks and clamp down on tax fraud in line with targets imposed by the European Union. "During this technical assistance visit, the IMF is expected to analyse and make suggestions on budget and tax issues," the finance ministry said. The IMF mission was requested by Greece as it battles huge budget deficits and a debt mountain of nearly 300 billion euros (402 billion dollars). Athens has set itself an enormous task of slashing its budget deficit by four percentage points this year in the midst of a growing recession. But at the same time the market interest rates it has to pay on its debt have jumped up, soaking up much of the intended savings. The rate or yield, which had leapt to slightly above 7.0 percent on Tuesday, eased on Wednesday to 6.883 percent. That was still sharply above the level Greece considers bearable, and at BNP Paribas in London, analysts commented "the situation is very fragile" and that a swirl of rumours was "weighing heavily" on Greek bonds. "The strong rise in yields raises concerns about the cost of debt for Greece," they said. Prime Minister George Papandreou was to issue new warnings about the situation at a cabinet meeting on Wednesday, Greek media reported. There is also concern that Greece's crisis measures are based on estimates that are rapidly being outpaced by the country's deepening recession. The finance ministry has already been forced to revise its estimate on the economy's shrinkage in 2009 from 1.2 percent to 2.0 percent. On April 22, the European Union's statistical agency Eurostat is expected to announce that Greece's public deficit in 2009 will be higher than the 12.7 percent of gross domestic product announced by the government, Greek news reports said. The reports said Eurostat could put the deficit as high as 14.3 percent, mainly on the strength of huge debts by state hospitals. The entire Greek state health system has debts of over 6 billion euros according to the government, much of it to contractors and suppliers. The Greek finance minister on Tuesday acknowledged that the deficit figure was already at 12.9 percent because of higher-than-forecast recession but said that the final revision would be small. "We are not talking about major changes," he told Mega television, suggesting a revision of less than a percentage point. The IMF experts got down to work after a day of drama on financial markets driven by many and varied reports of Greek strategy to find urgent funding of a huge public deficit. One report, belatedly denied by the authorities, suggested that Greece was having second thoughts about any formal IMF involvement in a joint financial rescue with the European Union because of tough conditions the fund might impose. Greece desperately needs tens of billions of dollars of loans at an affordable rate to be able to repay maturing debt in coming weeks and months. 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