Helping Greece

Officials from the International Monetary Fund (IMF) begin a two-week visit to Greece on Wednesday to offer practical guidance to the debt-racked nation on how to balance its budget.

The emergency lender is sending experts to meet with Greek Finance Minister George Papaconstantinou and to provide "technical expertise" on managing the country's massive debt load, the IMF said in a statement Tuesday.

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Rumours swirl

At a Brussels summit on March 26, European finance ministers announced a plan to aid Greece by using the IMF as a central funding source.

On Tuesday, Greece's finance minister denied media reports the country was seeking to amend last month's rescue plan, which is intended to prevent Greece from defaulting on its debt.

"There was never any action by our country to change the terms of the recent agreement," George Papaconstantinou said in a written statement issued late on Tuesday afternoon.

Earlier reports speculating that Athens might bypass the IMF sent borrowing costs soaring for the Mediterranean nation while the euro took a plunge against the dollar.

Solidarity vs. responsibility

Greece's debt drama has cast doubt on the ability of the EU and eurozone to deal with financial instability among member states.

Germany in particular has insisted that the IMF play a role in any potential bailout. Chancellor Angela Merkel has emphasized that high Greek borrowing costs alone is not a justifiable reason to enact the safety net.

smh/APF/AP/Reuters
Editor:Chuck Penfold