International Monetary Fund Chief Christine Lagarde crossed the wires, via Reuters, announcing that the IMFagreement with euro zone now helps avoid a crisis for Greece in mid-July.

Key quotes (via Reuters):

• I will propose to executive board an approval in principle of a standby arrangement for Greece below $2 bln
• Want to complete the bailout joining process before 27th of July
• There has been clear progress on debt relief for Greece, more needs to be done, more time needed to identify measures
• IMF's participation "in principle" in Greek bailout allows more time for negotiations on Greek debt relief details
• IMF would disburse money to Greece when there is a debt relief deal
• Nobody claims this is the best solution
• It is not a bad solution, but second best after full deal on debt relief