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'US rate hike likely not influenced by Greece, China'

The International Monetary Fund yesterday said it seemed Greece's crisis and market volatility in China would not affect when the US Federal Reserve chooses to raise interest rates.

"From what I read ... the Fed has more or less the same interpretation of the implications of the events in Greece and China as we do, which is that they are not of major importance for the U.S. at this point, so it should not affect their choices in terms of monetary policy very much," said Olivier Blanchard, the IMF's chief economist.

The IMF's chief economist added Greece is a small part of the world economy, and its possible exit from the euro zone should have limited impact on the rest of the world, though he warned similar crises could happen in other countries.

Greece is racing to find a last-minute third bailout from its IMF and European Union creditors to avoid bankruptcy and exit from the euro zone.

"In a world in which there is high debt to start, we have to be ready for episodes like this," said Olivier Blanchard, the chief economist at the International Monetary Fund.

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Tags:  IMF  US  hike  influenced  Greece  China  





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