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EU Says IMF is Part of the Review of Greece’s New Bailout Program

Thomsen IMFAsked about the article that IMF’s Poul Thomsen wrote the other day in connection with the IMF’s position on the new bailout program for Greece, European Commission vice president Valdis Dombrovskis said that the Fund is involved in the review of the new bailout program for Greece and that the European Union officials are working closely with the Fund.
Poul Thomsen, IMF’s representative for the bailouts of Greece, posted an article on the Fund’s blog yesterday titled “Greece: Toward a Workable Program,” in which he states clearly that the two preceding bailouts failed to produce a financially sustainable situation for Greece, and raises serious doubts about the prospect of the third bailout program if it does not include debt relief along with draconian reforms.
Thomsen also makes it clear in the aforementioned article that the unwillingness of the EU authorities to include debt relief in the new bailout program for Greece is the reason the IMF is not rushing to take part in it with financial assistance.
Still, European Commission vice president Valdis Dombrovskis expressed optimism that the IMF will participate fully in the new bailout program for Greece.
For the record, the official position of the EU authorities is that there is an agreement in place, signed last August, and that Greece must meet its terms and conditions. The issue of debt relief may be examined only after the completion of the review of the new bailout program.

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