Friday February 27, 2015 Search
Weather | Athens
11o C
6o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
IMF's Lagarde has no doubts about European debt relief for Greece

IMF Managing Director Christine Lagarde said she is confident about Europe's commitment to provide further debt relief to Greece if the debt-burdened euro zone country abides by the conditions of its bailout.

“I stand on the three-times repeated commitments by the euro partners to consider further measures and assistance to make sure that the Greek debt is reduced substantially” by 2020 and 2022, Lagarde told reporters in Washington on Thursday.

"I have no reasons to believe the Europeans would not themselves deliver on their undertaking vis-à-vis Greece,» she said.

The International Monetary Fund is one of a trio of lenders along with the European Commission and the European Central Bank to step in with a 240 billion euro ($317 billion) bailout to rescue Greece from a sovereign debt crisis and keep it in the euro zone.

IMF staff in a report published yesterday said there are about 11 billion euros ($14.5 billion) in financing needed for Greece by the end of 2015 that have not yet been indentified under its joint package with Europe. The report also reminded European officials of their commitment to reduce Greece’s debt burden to a target of 124 percent of gross domestic product by 2020, which they said may require agreeing to relief measures as early as next year.

Led by Germany, the euro zone has pledged to consider mild debt relief measures for Greece next year, such as extending maturities on rescue loans, to help the country reduce its mountain of debt and return to capital markets to fund itself.

But German Chancellor Angela Merkel and her government have in recent weeks repeatedly ruled out a further writedown of Greek debt, which has become an issue in the upcoming German elections in September.

Germany's main opposition leader accused Merkel of covering up the likelihood German taxpayers will have to fund further euro zone bailouts. An open debate about loan losses could damage Merkel in the run-up to the vote.

European finance ministers agreed last year to cut the rates on bailout loans and suspend interest payments for a decade, while giving Greece more time to repay and engineering a Greek bond buyback. German Finance Minister Wolfgang Schaeuble last month opened the possibility of building on those measures while discarding a straight write-off.

“What channel it will take, what tools will be needed, what methodology will be applied is something that will have to be discussed by the euro partners, and with the euro partners, but the commitment is in my view what matters most,” Lagarde said.

[Reuters & Bloomberg]

ekathimerini.com , Friday August 2, 2013 (09:37)  
Minister says he hopes that ENFIA ends
Postponing an IMF tranche ‘means default’
Stournaras says deal must be completed
Greek bank deposits plunge to lowest point since 2005
Gov’t raises concern over payment to IMF in March
The Euro Working Group discussed Greece’s imminent funding problems on Thursday amid mounting concern about how the country will meet its obligations next months. Earlier in the day, Ministe...
More than 300 migrants released
More immigrants and asylum seekers were released from detention centers across Greece on Thursday as the government seeks to make good on a campaign pledge to close down such facilities, cit...
Inside News
SOCCER
Ten-man Olympiakos couldn´t overcome Dnipro
Olympiakos drew 2-2 with Dnipro from Ukraine at home on Thursday, playing almost the entire second half with a man down, to bow out of the Europa League, despite facing an opponent which on ...
BASKETBALL
Greens lose at Maccabi but preserve head-to-head advantage
Panathinaikos suffered its third loss in eight games at the second stage of the Euroleague going down 73-70 at Maccabi Tel Aviv on Thursday, but has preserved its better head-to-head record ...
Inside Sports
COMMENTARY
A breath of opportunity
We are still living in the Greece we know: The government is struggling to explain its retreat in the face of our creditors, the opposition (including dissidents in SYRIZA) smells blood, we ...
ANALYSIS
Having it both ways: Greece´s doublespeak to Brussels and voters
Gingerly treading between its anti-austerity promises to voters and its pledges to skeptical international creditors, Greece's new radical government is resorting to doublespeak to keep ever...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Ten-man Olympiakos couldn´t overcome Dnipro
2. Greens lose at Maccabi but preserve head-to-head advantage
3. Minister says he hopes that ENFIA ends
4. Postponing an IMF tranche ‘means default’
5. Stournaras says deal must be completed
6. Panathinaikos deducted the three points earned at the derby
more news
Today
This Week
1. The unlikely winners of Greece's surrender on euro
2. SYRIZA feeling the pain
3. Turkish jets violate Greek air space
4. Schaeuble tells MPs Varoufakis 'strains' EU solidarity
5. Merkel faces stepped-up dissent on Greek bailout among lawmakers
6. Greek bank deposits return after bailout extension
Today
This Week
1. Greece prepares extension request for eurozone approval
2. Time for Alexis Tsipras to keep his nerve
3. Stubborn but not almighty
4. Greek bailout deal faces review by euro officials next week
5. Greece says eurozone deal won time as cash bled from banks
6. The ignorance of the West about the culture of Islam
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.