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IMF Chief: Agreement on Greece Is a 'Very Important Step Forward,' Debt Relief Needed

LagardeThe aid program approved for Greece is a very important step forward, International Monetary Fund (IMF) Managing Director Christine Lagarde said in a statement on Friday, following the Eurogroup’s successful conclusion earlier in the day.
“The policy package specified in the Memorandum of Understanding (MoU) recently agreed between the Greek authorities and European institutions … is a very important step forward,” she said.
“I am encouraged in this regard by the government’s commitment to work with its European partners and the Fund on completing these essential reforms in the coming months,” she added.
Lagarde reiterated her position that Greece’s debt is unsustainable and steps need to be taken for some debt relief. “I remain firmly of the view that Greece’s debt has become unsustainable and that Greece cannot restore debt sustainability solely through actions on its own. Thus, it is equally critical for medium and long-term debt sustainability that Greece’s European partners make concrete commitments in the context of the first review of the ESM program to provide significant debt relief, well beyond what has been considered so far.”
Finally, she noted that the Fund looks forward to working closely with Greece and its European partners.
(source: ana-mpa)

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