IMF Concerned Over Marinopoulos Supermarket Chain’s Problems



marinopoulos

International Monetary Fund Spokesman Gerry Rice commented on the gloomy news of Greek supermarket giant chain, Marinopoulos, seeking protection from its creditors under an article of Greece’s bankruptcy code. Speaking at the IMF Bi-Weekly press briefing, Rice was asked a question about the situation.

“Clearly the objective that we share with the Greek authorities and the European Parliaments is precisely to help Greece get back on a path of sustainable growth and employment so that these things don’t happen,” he said, adding that the goal was for a “credible program” and to work to alleviate the problems that Greece is facing.

Rice expressed the IMF’s concern over the loss of more jobs in recession-battered Greece and said that the IMF is always concerned over such negative developments. He said that the fund wants the bailout program in Greece to be credible and functional.

Background

Marinopoulos, one of Greece’s largest chains was forced to file for bankruptcy on Tuesday after mounting pressure from around 3,000 suppliers who are owed hundreds of thousands of euros as well as debts to creditor banks. There are fears that the company’s closure could result in a domino effect and lead to more closures.

 


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