IMF Chief Urges Greece to Implement Reforms, Europe to Offer Debt Relief

International Monetary Fund Managing Director Christine Lagarde said that Greece must implement essential reforms, at the same time urging Europe to offer the country substantial debt relief.

Speaking at an event organized by the CSIS (Center for Strategic International Studies) the IMF head argued that the Greek debt issue must be resolved and Greece must proceed with reforms in order for the Fund to participate financially in the bailout program.

In particular, Lagarde noted that the solution to the debt issue must be a combination of extension of maturities and the reduction and lock of interest rates for a long period of time.

When asked about the IMF participation in the Greek program, the IMF chief said that the Fund is not in the program for the past two years but noted that “we may be in the future.”