The International Monetary Fund (IMF) expressed its opposition to the Greek government’s plans to rely solely on commercial markets for financing, after Prime Minister Antonis Samaras revealed that the country might exit its bailout program ahead of schedule. In addition, the IMF underlined that Athens has more than one year left in its program and that it should still draw on it for support, rather than exiting it early.
IMF spokesman Gerry Rice said that “Greece has made important progress… but as recent events have shown, there’s still a way to go before Greece can rely entirely on markets for financing,” adding that “at this stage we are looking forward to receiving the full set of policy proposals from the authorities that could serve as the basis for the discussions” between the country and its lenders, while some $16 billion are still to be disbursed.
Rice said the IMF was sympathetic to Athens’ desire to avoid more sweeping cuts to wages and pensions as a way of balancing its budget: “That is why it is important to press ahead with the structural reforms… to strengthen the tax administration in particular, where we feel progress continues to lag.” Furthermore, IMF’s spokesman said that the Fund firmly believes that it would be better for Athens to continue with at least some kind of precautionary support program, even after its exit.
Earlier this month, Samaras spread concerns in financial markets when he said Greece wants to end the IMF program by the end of December.
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