IMF's Thomsen indicates shift in Fund's position on Greek banks

Poul Thomsen, the head of the International Monetary Fund's European department, has pointed to a shift in the Fund's position on Greek banks. 

While IMF officials have been indicating that a further recapitalization of Greece's banks is probably necessary, with Thomsen himself calling for an injection of some 10 billion euros and an asset quality review (AQR), the position now appears to be different.

"On the subject of the Greek banking system, let me emphasize that we see no financial stability concerns at all in Greece," Thomsen told the Financial Times Investment Management Summit in London on Thursday. 

However, he stressed that Greece must ensure it has a medium-term strategy for the management of non-performing loans. "We need to be sure that there is a strategy to deal with Greece's exceptionally high level of non-performing loans over the medium term,"...