European Central Bank (ECB) Board Member Benoit Coeure said that the Eurozone finance ministers of the Eurogroup are doing all they can to find a solution that would make Greece’s public debt sustainable. The International Monetary Fund (IMF) has already stated it would not take part in a program where the debt is not viable, and for this reason the Eurogroup is looking at a solution to appeasing the Fund.
A meeting between EU institutions and the IMF took place on Tuesday in Washington. “A discussion is currently ongoing in the Eurogroup on measures needed to secure the sustainability of Greek debt,” said Coeure, who also takes part in Eurogroup meetings and who was present at the meeting in Washington on Tuesday. Speaking to European lawmakers he said that it is imperative that the impasse between EU institutions and the IMF be broken.
“We are looking forward to a solution that can reassure markets, restore confidence in the dynamics of public debt, allow the full involvement of the IMF in the program – which would enhance the program’s credibility – and restore market access for Greece ahead of the end of the program in July 2018, while not undermining the reform effort,” he said.
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