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Extension IMF: Greece Needs More Time Philippe Huguen, AFP / Getty Images

IMF: Greece Needs More Time

After a meeting of European finance ministers in Cyprus, Greek President Yannis Stournaras says that the possibility of extra time for Greece to meet its austerity goals is "on the table." Christine Lagarde, director of the International Monetary Fund, agreed, saying that there are several possible ways for Greece to adjust to its budget goals, and more time is among them. However, the country won't be getting an extension right away. Leaders are waiting to make a decision until October, after seeing whether the European Central Bank's bond buying program has any effect on Greece's troubled finances.

September 15, 2012 8:22 AM