Managers warn eurozone support for Greece not enough

The eurozone is not offering Greece enough cash to get it through the debt refinancing is faces this year, managers believe.

Galia Velimukhametova, distressed debt portfolio manager at GLG Partners, says the €30bn the European package is not enough and called on the IMF to provide more funds. "Greece needs at least €35bn to €40bn of financing to take it to the end of 2010, when investors can see what progress the country has made in terms of fiscal deficit reduction. "The IMF needs to be involved. Also, the eurozone lacks the technical capability to develop bailout packages and conditions attached to them, and to monitor them." Managers warn IMF involvement does not, on its own, guarantee a successful ou...