Thomsen: Greece, institutions are close to a staff-level agreement

23 April 2017
207 Views

The Director of the International Monetary Fund’s European Department, Poul Thomsen, expressed optimism on Friday that Greece and its lenders are close to a staff-level agreement.

Speaking at a press conference in Washington DC, Thomsen said Greece will face liquidity problems when trying to repay debt loans in July if the second program review is not completed in time. For this reason, the whole procedure has a sense of urgency, he said.

He reiterated the IMF’s position that the fund cannot participate financially in the Greek program if, apart from the deal on reforms, the involved parties do not specify the measures for the country’s public debt. Concerning its sustainability, Thomsen said they will also have to agree on the number of years Greece will have to maintain in its budget high primary surpluses (3.5 pct of GDP) and secondly, on the medium-term debt relief measures which were decided in the last Eurogroup in May.

You may be interested

Kastoria: The lady of Macedonia
GREECE
shares58 views
GREECE
shares58 views

Kastoria: The lady of Macedonia

Panos - Nov 24, 2017

This charming furrier city, whose beauty will most certainly seduce you, is built amphitheatrically on a narrow peninsula, mirrored in…

ECB Lowers Funding Cup for Greek Banks by €1.1 Billion
FINANCE
shares24 views
FINANCE
shares24 views

ECB Lowers Funding Cup for Greek Banks by €1.1 Billion

Panos - Nov 24, 2017

The European Central Bank lowered the cap on Emergency Liquidity Assistance (ELA) Greek banks draw from the domestic central bank…

Black Friday in Greece: Don’t Believe the Hype
GREECE
shares28 views
GREECE
shares28 views

Black Friday in Greece: Don’t Believe the Hype

Panos - Nov 24, 2017

Black Friday fever has taken hold of many Greek consumers this week, but even a knee jerk research in sales…

Leave a Comment

Your email address will not be published.