IMF spox: Support for Regling proposal to use leftover bailout funds to pay-off past Greek loans

1 December 2017
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An IMF spokesman on Thursday reiterated that the Fund will not participate, as a lender, in the Greek program without an agreement for further debt relief, saying the latter is necessary in order to activate an agreement – sketched out in principle – last summer.

IMF spokesman Gerry Rice also expressed support for a proposal by ESM managing director Klaus Regling regarding the Greek debt, which, among others, foresees covering previous loans extended to Greece with capital that will remain unused from the current third bailout.

Rice said the proposal is nevertheless not new and has been discussed in the past.

The IMF official reminded that the funds loaned to Greece are burdened with comparatively low interest rates, with such a solution possibly helping contribute to the viability of Greece’s skyrocketing debt.

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