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EFSF's Regling: 'The Greek Program Will Not Proceed Without the IMF'

reglingTwo of the most powerful men in the Eurozone, Klaus Regling, head of the EFSF and ESM and Thomas Wieser, head of EuroWorking Group, believe that the third Greek bailout program will only work with the participation of the International Monetary Fund.
“A participation of the IMF in the context of the first review was a precondition for closing that review. We have heard very clear messages from a couple of member-states that their parliaments will not agree on the closing of the review unless they are completely certain that the IMF will join the program, such as Finland for example,” noted Wieser in an interview with the Greek daily Kathimerini. The rules of the European Stability Mechanism are clear and require the consent of all the member states for disbursements, he clarified.
Meanwhile, ESM’s Klaus Regling appeared to have a similar opinion. “The language of the Treaty is clear, I am convinced about the IMF’s involvement in the Greek program,” he stressed. The Eurozone countries’ agreement last July and the Eurogroup’s decision in August clearly state that the IMF will participate in the program, he added.
In regards to the debt issue, the viability of which constitutes one of the main points of the disagreement between Europe and the IMF, Regling noted that both institutions lean towards a debt adjustment.

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