IMF: Lagarde refused to be pinned down – FAZ – Frankfurter Allgemeine Zeitung

      

 
 
 
 
 
     
 
 
 
 
 
 
 
 
         

 
 
 
 
 
          IMF chief Christine Lagarde insists more on a haircut
     

 
                                              

 
 
     
     
     
         
         
                                                             

The International Monetary Fund (IMF) continues even after the agreement on the Greece aid package on substantial debt relief for Athens. IMF head Christine Lagarde said on Friday, the utility was “a very important step” forward. The debt burden is but “unsustainable” for Greece, it said in a written statement. They expect that the Europeans at a first review of the program and concrete commitments “decisive debt relief make” that clearly went beyond previous considerations. Lagarde was switched on during the discussions in Greece and the euro-zone countries on Friday in Brussels via video link.

                         
         
         
                                                             
                                 

Schäuble had said shortly before the meeting of euro zone finance ministers in Brussels, he was confident that they would achieve a result. The clearest possible “Commitment” (engagement, commitment) of the IMF would be desirable and achievable.

                         
         
         
                                                             

From the IMF it was now, you’ll be working in the coming months with the Europeans and Greece to find solutions so that they can “further financial assistance to Greece” recommend the IMF leadership. It’ll be important that “all the necessary elements” of the aid to be considered, she said, apparently with a view to debt relief.

                         
         
         
                                                             

The IMF is well established on debt relief for Athens, as the country otherwise is unable to get out of the crisis. In an internal study measures up to the debt restructuring (“haircut”) were brought into play.

                         
         
         
                                                             

The euro zone finance ministers had paved the way for the third Greece rescue package on Friday. After the parliament in Athens also agreed the Euro Group for the agreement with Greece in return for numerous reforms up to 86 billion euros is to receive in funding. The release of funds is still dependent on the approval of the Bundestag next week. A rejection but is considered unlikely.

                         
         
         
                                                             

The President of the Ifo Institute, Hans-Werner Sinn, the agreements between donors and Greek government on the third bailout sharply criticized. “The agreements are an abstruse mixture of detail diversity and sponginess in the formulations,” said meaning to “image”. Harte spending cuts there are few, “but a lot of hope that the Greek government in the future will be able to collect his taxes, although he did not succeed in the past years”.

                         
         
         
                                                                                                                                                                                                  

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As the largest risks mentioned sense, the targets for economic growth and the primary surplus. “This program is missing the truth.” The bailout means more taxpayers would poured into a bottomless pit. Meaning: “The Bundestag hopefully knows what to nod here.”

                                 

 
  

 
 
 
                       

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Lagarde will not be bound

Even after the agreement on the bailout, the IMF chief holds a more open participation and calls for further debt relief. Schäuble had wanted a “clear commitment” of funds prior to the meeting. Ifo chief meaning criticized the agreements as spongy.

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