IMF reiterates call for a significant reduction of Greece’s public debt

23 January 2016
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The ECB chief is expected to call for the swift conclusion of the bailout review, so that talks on debt relief may begin. The Greek side aims to have its government bonds accepted in the ECB’s quantitative easing (QE) program as soon as possible. The overall goal is for Greek banks to not be reliant on the Emergency Liquidity Assistance (ELA) mechanism for funding.

In the past 48 hours the Greek PM has meet with the head of the IMF Christine Lagarde, European Commissioner Pierre Moscovici, US Secretary of Treasury Jack Lew and Germany’s Minister of Finances Wolfgang Schäuble.

On Thrusday the IMF announced that it is prepared to continue supporting Greece, provided that a significant reduction of the Greek public debt is carried out, following a one-and-a-half-hour meeting between PM Tsipras and Mrs. Lagarde.

The US has similarly favored a restructuring of the Greek debt, while Germany’s Schäuble underlined the importance of the IMF’s participation in the bailout process. Mr. Moscovici called for the bailout review to be carried out swiftly and issued ‘friendly warnings’ for stricter parameters in the pension reform.

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