1. Austerity

    Lagarde: Greece Needs More Time

    International Monetary Fund (IMF) managing director Christine Lagarde listens to questions at a press conference during the annual meetings of the IMF and the World Bank in Tokyo on October 11, 2012. Greece's badly stressed economy will need a further two years before it is righted, the International Monetary Fund's managing director said in Tokyo. Lagarde told the news conference it would take time before Athens is able to reduce its deficit to agreed levels.      AFP PHOTO / Toru YAMANAKA        (Photo credit should read TORU YAMANAKA/AFP/GettyImages)

    Toru Yamanaka, AFP / Getty Images

    Greece should have more time to meet its budget targets, said International Monetary Fund director Christine Lagarde in Tokyo on Wednesday. Lagarde called for an extra two years for the country to meet the terms of its bailouts, directly disagreeing with the wishes of Germany and other fiscal hawks. “It is sometimes better, given the circumstances…to have a bit more time,” Lagarde said. Such an extension could add $25.75 million to the new financing bill.

    Read it at The Wall Street Journal