New Greek bailout possible, IMF says

The International Monetary Fund said Thursday a new bailout program for Greece was possible but that Athens needs to do more in terms of restructuring.

?More needs to be done, and that?s what the new program is going to be all about,? said IMF spokesman Gerry Rice, just hours after Greek leaders agreed to a tough new austerity program seeking to win support from the European Union.

?As in all our programs broad political support for the program is crucial, and that?s why we the IMF, together with our partners in Europe, have been taking this time to discuss the measures of a possible new program with the political leaders in Greece,? Rice said.

?I think we?re all agreed that there needs to be this labor market reform and the adjustment of wages to align more with productivity.

?Again, I think there?s broad agreement that that needs to be achieved. The ?how do we get there? is still under discussion.?

Earlier Thursday Greek leaders cobbled together a last-minute deal on austerity cuts, clearing the way for the European Union to decide on a bailout package worth 130 billion euros ($171 billion) even as Greek unions called a new strike against the terms. [AFP]