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IMF Welcomes New Eurozone Understanding on Greece

Mon, 20 Feb 2012 23:36:29 GMT

The IMF has welcomed the agreement by Eurozone finance minister on a new support package for Greece.

After talks that went on until the early hours of the morning in Brussels, IMF Managing Director Christine Lagarde said on February 21 she welcomed the “proposed understandings reached today by the Euro Group to support Greece.”

“The combination of ambitious and broad policy efforts by Greece , and substantial and long-term financial contributions by the official and private sectors, will create the space needed to secure improvements in debt sustainability and competitiveness,” she said in a statement. “These actions, together with a significant strengthening of the financial sector, will pave the way for a gradual resumption of economic growth.”

Depends on timely policy implementation

“The success of this strategy crucially depends on full and timely policy implementation by Greece and long-term support by euro area member states,” Lagarde said. “Recognizing the sacrifice involved for the Greek people, the strategy will also aim to minimize the impact on the poorest and most vulnerable.

“As soon as the prior actions agreed with the Greek authorities are implemented and adequate financial contribution from the private sector is secured, I intend to make a recommendation to our Executive Board regarding IMF financing to support a program.

Strengthening the firewall

“I also welcome today’s discussion on ensuring the adequacy of the European Financial Stability Facility (EFSF) and European Stability Mechanism (ESM), which will help bolster the firewall against financial contagion, catalyze efforts to enhance IMF resources, and help secure global stability for the benefit of all,” she added.

Here’s some key pages on Greece, plus the IMF and Europe.

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