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Edition: U.S. Article Comments (0) Slideshow Video Save Email Print Reprints Most Popular Most Shared Euro heavy as EU disappoints, Aussie near 10-year high | Video 12:04am EST Factbox: Fashion world in shock over Alexander McQueen death 11 Feb 2010 U.S. dismisses Iranian uranium enrichment claims 11 Feb 2010 Rep Patrick Kennedy won't seek re-election: report 11 Feb 2010 UK govt forced to publish U.S. torture allegations 10 Feb 2010 Yahoo executives address "misconception" about search 11 Feb 2010 Iran to shut down Google email service: report 10 Feb 2010 Stores looking to NY Fashion Week to lure shoppers 10 Feb 2010 Rep Patrick Kennedy won't seek re-election: report 11 Feb 2010 Aerial shots of falling World Trade Center released 11 Feb 2010 IMF offers to help Greece; EU disappoints markets Tony Munroe MUMBAI Fri Feb 12, 2010 2:26am EST Related News EU leaders hurt confidence with vague Greek pledge 2:26am EST EU leaders hurt confidence with vague Greek pledge 2:26am EST Snap Analysis: EU political support for Greece falls short 2:26am EST Highlights: EU leaders say ready to help debt-laden Greece 2:26am EST Related Video EU leaders reach deal on Greece Thu, Feb 11 2010 < 1 / 10 > View Full Size MUMBAI (Reuters) - The International Monetary Fund on Friday joined the European Union in pledging support for Greece in its struggle to bring its ballooning budget deficit under control and contain its debt crisis. World | Crisis in Credit The IMF's declaration follows an EU summit, which sent Athens a "clear message of solidarity," but produced no specific rescue plan, disappointing markets and sending both the euro and Greek government bonds lower. "We stand willing and able to support Greece in ways that the Greek authorities think is appropriate," IMF First Deputy Managing Director John Lipsky told reporters on the sidelines of an international central banking conference. An EU source told Reuters earlier the bloc looked to draw on IMF expertise on designing financial rescues, but not the Fund's money. European Central Bank President Jean-Claude Trichet also weighed in, offering help in monitoring Greece's efforts and drawing up "necessary additional measures". "I confirm that the ECB will work with the European Commission in monitoring the implementation of the recommendations by Greece," Trichet said in a statement. Britain's Guardian newspaper laid the blame for limited progress at Thursday's summit on Germany, citing sources as saying that Chancellor Angela Merkel blocked work on a specific financial rescue plan. GREECE DIDN'T ASK FOR HELP "Germany is stepping totally on the brakes on financial assistance," the newspaper quoted a senior EU official as saying. "On legal grounds and on principle." EU President Herman Van Rompuy and Merkel said it was impossible to offer specifics because Greece, saddled with one of the biggest debt burdens in the bloc and hit by soaring borrowing costs, has not asked for EU help. Financial markets had hoped EU leaders would lay out specific plans to provide Greece with a credit life-line or a scheme in which state-owned European banks would buy Greek bonds in order to help the government finance its borrowing. But that optimism gave way to disappointment, with market focus now on next week's meeting of EU finance ministers. Analysts are skeptical it will produce definitive results. "There will still be a lot of questions hanging around," said Gareth Berry, a currency analyst at UBS in Singapore. "The EU have no experience of this type of thing. They are not the IMF and they will be very careful not to plunge into this with both feet and not think things through." European leaders are keen to prevent Greece's problems from spreading to other highly indebted or high-deficit euro zone members -- such as Spain and Portugal -- plunging the currency area into a deeper crisis. But they also want to keep up the pressure on Athens to implement an austerity plan designed to cut hundreds of billions of euros in debt and a deficit that reached 12.7 percent of gross domestic product last year -- more than four times EU limits. Greece needs to raise about 53 billion euros ($75 billion) this year to finance its budget and refinance its debts, which are expected to grow to 290 billion euros this year, nearly 120 percent of gross domestic product. MORE PROMISES Commentators, however, warn that Greece's debt rout may have put the EU in a lose-lose situation. Leaving the Greeks alone to deal with the legacy of years of excessive borrowing and lax budget discipline could expose its and its southern peers' debt to a punishing sell-off that could rock the entire 16-nation euro area. A bailout would expose the area's biggest flaw -- its inability to enforce fiscal discipline among its members -- further denting market confidence in the EU's Stability and Growth Pact that sets limits on public debt and fiscal deficits. Greek Prime Minister George Papandreou on Thursday again promised deficit cuts, starting with a four percentage point reduction this year, and the EU said it will monitor progress. Even with EU support Greece faces a daunting challenge to consolidate its budget and restore confidence in an economy whose imbalances were exacerbated by the financial crisis and where social unrest remains a threat. (For graphic on euro zone debt and spreads over German bonds see: here) (Writing by Tomasz Janowski; Editing by Jan Dahinten) World Crisis in Credit Add a Comment More from Reuters Toyota chief plans U.S. trip as Congress seeks answers TOKYO/DETROIT (Reuters) - Toyota Motor said on Friday its embattled head is planning a U.S. trip early next month but would not confirm whether he would attend congressional hearings probing the automaker's safety recalls. | Video IMF offers to help Greece; EU disappoints markets | Video Senators unveil long-awaited jobs bill Bill Clinton doing well after heart procedure Ex-Goldman programmer indicted over HFT code theft New York Gov. Paterson asks Times to clear the air » More Top News Analysis: Policy fears dog China stocks Worries over China's next clampdown have jittery investors taking profits where they can and reluctant to hunt for bargains. Full Article Should Obama push harder on yuan? China CPI inflation slows, lending brisk China Jobs bill breakthrough Tax breaks for businesses and fresh construction projects feature in the Senate's $87 billion jobs bill. Full Article | Video Factbox: Tax breaks, pension relief Obama: No jobs, no recovery Obama tied in generic 2012 matchup Dems can't escape Palin questions POLITICS © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Analyst Research Mobile Newsletters RSS Podcasts Widgets Your View Labs Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts.com Buyouts Europe: Buyouts Conferences: Venture Capital Journal EVCJ International Financing Review International Securitisation Report Project Finance International PEhub.com PE Week Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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