IMF urges EU to slim down its demands on Greece

Intervention by main lender follows mounting fears of Greek exit from eurozone as UK chancellor George Osborne warns of global economic threat

The International Monetary Fund has urged EU negotiators to slim down their list of demands in debt talks with Greece amid fears that time is running out to reach a deal.

The intervention by one of the country's three main lenders came as the UK chancellor, George Osborne, said the impasse posed the biggest immediate threat to the global economy.

"We are not talking about nothing. We are talking about things, but now we need to make progress".