By MARJORIE OLSTER, Associated Press
WASHINGTON (AP) — Eleven Latin American countries represented by Brazil are not backing the latest International Monetary Fund bailout payment for Greece.
Brazil's executive director at the IMF, Paulo Nogueira Batista, said Wednesday that the lending agency's latest report on Greece cited risks that it may not be able to repay its IMF loans if its recovery program falls off track.
The unusual public statement said Brazil abstained from the IMF Executive Board vote that approved the payout of $2.29 billion (1.7 billion euros) this week.
Batista said Greece's implementation of austerity measures — conditions of its massive international bailout — has been "unsatisfactory in almost all areas" and assumptions about growth and ability to sustain debt payments "continue to be over-optimistic."
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