The International monetary Fund will go into a third bailout for Greece at its meeting later this week, former first deputy managing director John Lipsky told CNBC Monday.

Lipsky, who retired from the IMF at the end of August 2011 after Christine LaGarde took charge offered no further detaills about the matter but only claimed a third rescue is up for agreement and approval.

As of 22:40 GMT, the 17-nation common currency rebounded to $1.3155 after reocrding daily low of $1.3076.