Greece: IMF chief Christine Lagarde urges rescheduling – SPIEGEL ONLINE

The head of the International Monetary Fund (IMF), Christine Lagarde, has called for a restructuring of the danger of state bankruptcy Greece. In addition to austerity and reform measures, this step was necessary for the restoration of debt sustainability of Greece, Lagarde said on Wednesday at an event at Washington’s Brookings Institute policy.

With a debt restructuring are as extension of the repayment, often accompanied by the reduction of interest rates, meant. In a report released last week, the IMF experts had the euro partners already advised Athens so much time for repayment of the loans to be twice as previously agreed.

According to IMF estimates Greece needs over the next three years also further assistance in the amount of at least 50 billion euros. The share of Euro partners estimated the Washington-based organization to a minimum of 36 billion euros. The IMF estimate, however, was created before the recent escalation of the Greek debt crisis, the situation could have been worse.

Last week Greece was advised as the first industrial country in currency funds in arrears. Athens was the deadline for a due installment of 1.5 billion euros to elapse. Earlier, Greece’s euro partners phase out its aid program for Athens, after negotiations on an extension had burst.

Greek banks remain closed until Monday

Athens is currently seeking a third utility, on Sunday to find a special EU summit instead. The Greek population had however rejected the austerity and reform requirements of funders in a referendum.

“Greece is in an acute crisis situation that must be addressed,” Lagarde said. The IMF chief said that the IMF “fully committed” to stay in the search for a solution. Because of the Greek debt residue from the IMF, the organization must remit but no new financial aid to Athens. Greece will get in this question “no preferential treatment,” Lagarde said.

Given the continuing struggle for a way out of the crisis, banks remain in Greece until Monday closed. This was announced by the Greek Ministry of Finance with on Wednesday night. Greek customers are expected until then continue to stand only 60 Euro per day.

The Greek Government seeks to prevent that banks collapse because too many customers could leave their accounts at once. The existing capital controls were in force on 29 June and should expire on Wednesday evening.