Greek debt deal: IMF seeks commitment from all parties

Friday, November 30, 2012
IMF chief spokesman Gerry Rice addressing reporters in Washington 
[PHOTO: UNifeed] 

Washington: The International Monetary Fund (IMF) said that with solid agreements in place between the IMF, Greece, and the European authorities, the next step is for all parties to follow through on their commitments.

"We believe this is a significant and concrete package that can put Greece's debt back on a sustainable path.  As you know, it includes substantial upfront debt reduction measures of 20 percent of GDP and a commitment by Greece's European partners to bring back Greece's debt to substantially below 110 percent of GDP by 2022 provided Greece delivers on its policy commitments," said IMF chief spokesman Gerry Rice.

Rice said that provided that Greece's upcoming bond buyback is successful, IMF Managing Director Christine Lagarde will recommend the next disbursement to Greece from the IMF programme.

Turning to the Ukraine, Rice confirmed that the Ukrainian authorities have indicated interest in a potential programme with the Fund. 

"The authorities have expressed interest in resuming a program relationship with the Fund though the specific modality and conditions have not been discussed yet and we have not received a request from Ukrainian authorities to send a negotiating mission," Rice said.

In Hungary, Rice said that talks about a potential programme are not progressing.

"We continue to exchange views with the authorities though no formal negotiations are taking place at this point.  As we stated recently, meaningful progress on programme negotiations would require a clear indication from the authorities that they see the IMF as valuable partners in designing a reform and adjustment process," Rice said. -UNifeed
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