IMF to meet next week to discuss Greek bailout

The head of the International Monetary Fund, Christine Lagarde, has said the IMF board will meet next week to consider approving the bailout loan for Greece.

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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.