IMF to consider €28bn loan to Greece

Greece’s use of collective action clauses (CAC) forcing investors to take losses under its debt restructuring has triggered payouts on $3bn of default insurance, the International Swaps & Derivatives Association said.

Meanwhile, the IMF will next week consider making a loan worth €28bn to Greece over a four-year period, as part of a second international bailout package for Athens.

The loan size would be at the upper end of the amount expected, and for a year longer than similar IMF programmes.