'Italy’s prime minister has urged the International Monetary Fund (IMF) to be more flexible in releasing its next loan to Greece in order to help the debt-ridden country avoid a “big economic explosion.

”Speaking on Thursday at the Peterson Institute in Washington D.C., Mario Monti said Athens should be given an expanded loan package by the IMF and European Union based on minimal compliance, a move that could lead to a further reduction in borrowing costs for other debt-burdened nations in the eurozone, such as Italy. "If there is a minimum of compliance with the requirements set out [by IMF], this is the moment to turn the page and extinguish this potential big explosion [in Greece],"Monti said.'

Read more: Italian PM Urges IMF to Release New Aid Package to Help Greece