Tagged: IMF

Schaeuble comments on possible IMF exit spur debate

Finance Minister Wolfgang Schaeuble’s suggestion in comments to a German newspaper that the potential withdrawal of the International Monetary Fund could necessitate a renegotiation of Greece’s bailout spurred speculation on Friday both here and abroad. “A solution within the European currency system” would be an alternative if the International Monetary Fund “decided for some reason […]

Germany sees no clarity on IMF role in Greek bailout before 2017

The International Monetary Fund (IMF) will only decide on its participation in the Greek bailout program once the second review is completed and that is unlikely to happen before next year, a German finance ministry spokeswoman said. “We’re still in the second review… it needs some time, it could not be completed yet,” Finance Ministry […]

Cornered government could seek polls

The government’s fear that a compromise between the European Union and the International Monetary Fund to secure the latter’s participation in the Greek bailout program will lead to a new batch of measures in 2018 through 2020 has prompted Prime Minister Alexis Tsipras to revive the prospect of snap polls. Tsipras was apparently hoping that […]

Obama insists on need for reforms and ‘meaningful’ debt relief

Ahead of his two-day visit to Athens that begins Tuesday, US President Barack Obama has stressed the need for “meaningful debt relief” for Greece and expressed Washington’s support for reforms that will “improve the business climate.” “I am a strong believer that to make reforms sustainable, people need hope. In Greece’s case, the IMF has […]

“Athens and the IMF want a clear solution on debt”

The Minister of Finance Euclid Tsakalotos argued that the Greek government and the International Monetary Fund want a clear solution for the public debt, in a statement for the Efimerida ton Syntakton newspaper. Mr. Tsakalotos argue that debt relief is an essential component of Greece’s path to exiting the bailout program in 2018. Debt relief, […]

IMF: “No need for a priori debt relief to participate in Greek program”

The International Monetery Fund does not require debt relief measures to be applied in advance, in order to participate in the Greek program, argued the spokesperson Gerry Rice on Thursday’s press conference. Asked on the medium-term measure for the Greek debt relief agreement, the spokesperson for the IMF commented that the Fund is working with […]

Schäuble: “The IMF will disburse a tranche to Greece within the year”

The International Monetary Fund will not only participate in the Greek bailout program, but it will also proceed with the disbursement of a bailout tranche by the end of the year, argued Germany’s Finance Minister Wolfgang Schäuble. This statement came after an Ecofin meeting on Tuesday, with the German Minister upping the ante in the […]

IMF denies report that it is abandoning Greek program

The IMF on Sunday afternoon issued a denial of a previous-day Reuters story claiming it was abandoning the Greek program, with the DC-based Fund saying it was still “fully engaged” to participate in the bailout, although adding that its exact role has not been decided. An earlier dispatch by Reuters cited two sources as saying […]

IMF: Athens won’t meet primary budget surplus targets; spending ‘cutter’ activation predicted

The IMF foresees activation of an automatic spending cuts mechanism in Greece next year, saying the Greek government will not meet primary budget surplus targets, as a percentage of GDP, for 2017. In a bid to prevent fallout, finance ministry sources emerged late Wednesday evening to counter the forecast, saying that the execution of the […]

Critical IMF meetings on Wednesday – Fear of a new credit crunch

The Minister of Finance Euclid Tsakalotos will travel to Washington, DC for a series of critical meetings with IMF officials in order to discuss the Fund’s participation in the Greek bailout program. The latest sources however have noted that the IMF is geared towards not participating in the Greek program. According to a report in […]

Critical IMF meetings on Wednesday – Fear of a new credit crunch

The Minister of Finance Euclid Tsakalotos will travel to Washington, DC for a series of critical meetings with IMF officials in order to discuss the Fund’s participation in the Greek bailout program. The latest sources however have noted that the IMF is geared towards not participating in the Greek program. According to a report in […]

498 Euros salaries are asked from Greece

The International Committee of experts suggests scheduled reductions, as well as flexible contracts, the so-called “zero hour contracts”, with an allowance from the State as an alternative solution instead of collective redundancies in case a business faces an economic difficulty. For the same reason further salary reductions are requested in the following cases: 1. Young […]

IMF calls for more pension cuts, greater debt relief in report

The International Monetary Fund called for Greece to cut pensions and taxes and for its lenders to provide significant debt relief in order for the country to make a convincing exit from the crisis. In its annual report on the Greek economy, following so-called Article Four consultations in Athens, the Fund described the country’s pension […]

“The IMF is an ‘extreme player’ in negotiations”

The Minister of Labor Giorgos Katrougalos argued that the International Monetary Fund is an ‘extreme player’ in the negotiations on labor matters, however Greece will not back down from its positions. According to the Labor Minister, who spoke to Reuters on the upcoming meeting with Greece’s creditors, Athens will demand the reinstatement of collective bargaining […]

Lagarde: IMF not ready to join ‘latest version’ of Greek bailout

International Monetary Fund Managing Director Christine Lagarde repeated on Thursday that the Fund is “not ready” to participate in what she called the “latest version” of the Greek bailout. Lagarde spoke ahead of a G20 meeting in Hangtzu, China, where she told Reuters that she was “encouraged by Greece’s recent privatization efforts and was hopeful […]

IMF appoints Dutch economist as new representative in Greece

The International Monetary Fund has appointed Dutch economist Dennis Botman as its new top representative in Greece. Botman will replace the incumbent, Wes McGrew, on September 2, when the American will have completed his normal three-year rotation in the Athens position. Botman has experience of researching financial crises. “Mr. Botman, a Dutch national, has been […]

New Greek bailout finds IMF in a political bind

Ever since the IMF participated in the first Greek bailout six years ago, the stinging suspicion has been that the Fund is under Europe’s thumb. Now the International Monetary Fund is again under pressure to come to the aid of Athens, providing likely fodder for critics. Europe forged an 86 billion euro ($96 billion) aid […]

IMF rapped for failures

The International Monetary Fund failed to demand debt relief as part of Greece’s initial bailout in 2010 even though many of its officials believed this was crucial for the program’s success, according to an internal probe into the IMF’s handling of European bailouts published Thursday, which found that the Fund bent its own rules and […]

Katrougalos says gov’t will not yield to IMF calls for labor reforms

Labor Minister Giorgos Katrougalos indicated on Wednesday that the government will not yield to pressure Greece’s creditors, in particular the International Monetary Fund, to further relax labor rights. “The IMF will be isolated and it will lose,” Katrougalos said. He added that the government would also not cut civil servants’ salaries any further, claiming that […]