Greek Finance Minister to Discuss New Bailout with US Officials

Posted July 24th, 2011 at 5:45 pm (UTC-5)
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Greek Finance Minister Evangelos Venizelos will be in Washington Monday for what Greek media calls very significant meetings with the new IMF chief and top U.S. officials.

Venizelos plans to talk with International Monetary Fund head Christine Lagarde and U.S. Treasury Secretary Timothy Geithner. They will discuss what comes next after the European Union and IMF agreed last week on a second multi-billion dollar bailout for Greece.

The $155 billion dollar loan package will come with voluntary loans from private investors to help Greece avoid defaulting on its debt. Last year's $160 billion EU-IMF bailout failed to bring about any major improvements in the Greek economy.

Venizelos also plans to meet Monday with leading members of the U.S. Congress.

A pair of conservative Republican Senators (John Cornyn and David Vitter) asked President Barack Obama last month to withhold U.S. funds from any IMF bailout of Greece.

The lawmakers say taxpayer money should not go to bail out any country which, they say, spent money irresponsibly. The lawmakers also say they do not think Greece will ever repay the loan.