The International Monetary Fund approves the allocation of financial aid to Greece, but insists on the restructuring of its debt. This is stated in the statement of IMF Managing Director Christine Lagarde.
Lagarde called “an important step forward” a package of policy measures in the memorandum of understanding between the Eurogroup and the Greek authorities. “It not only corrects most of the political mistakes that led to deviations in the implementation of the previous program, but also provides extensive policy to restore financial stability, financial sector stability and a return to sustainable growth,” – said the head of the IMF.
At the same time, Lagarde stressed that the IMF, unlike the Eurogroup, considers it necessary to write off part of the Greek debt, as Athens, in his view, unable to service it yourself. “For stability in the medium and long term, Greece’s European partners must take specific commitments in the framework of the first review program of the European Stability Mechanism (ESM), to provide significant debt relief,” – said the Managing Director of the Fund.
19:21 July 13, 2015
August 14 Eurogroup approved the launch of the third aid program for Greece. Up to 86 billion euros, it is expected to be allocated to Athens for six years. The first tranche of Greece may be transferred on August 20. This term of payment on loans to the new program of support for Greece from the ESM will be 32.5 years
In the fall to the loan program can connect to the International Monetary Fund. German Finance Minister Wolfgang Schaeuble said that the IMF stands ready to take part in the financing of Greece in the case of the implementation of the pension reform in the country and achieve the target readings on the economy, according to RIA Novosti.
10 August the Greek authorities have reached an agreement with international creditors under the terms of the provision of further funding. He, in particular, involves the primary target of the budget deficit in 2015 at 0.25 percent of GDP. Starting next year, the budget surplus is planned. In 2016 it amounted to 0.5 percent, in 2017 – 1.75 per cent, in 2018 – 3.5 percent.
Athens came to an agreement with the EU on the program out of the debt crisis 13 July. Under the agreement, Greece will receive financial aid of 86 billion euros in exchange for the introduction of austerity. Consideration of the bill on the relevant reforms in Athens accompanied by street protests and clashes with police. However, the document was adopted, but the government brought officials who opposed the reforms.
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