IMF chief to recommend approval of Greece's bailout loan

The head of the International Monetary Fund, Christine Lagarde, has said she intends to recommend to the IMF board that it approves the $36.7 billion loan to Greece after it met the conditions of the bailout.

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Greece meet bailout conditions

Greece's credit rating has been downgraded by the rating agency Fitch to "Restricted Default" after 85% of private investors holding Greek bonds agreed to a cut in their value. It means conditions are now in place for it to receive a £110bn bailout.