A restructuring of Greece’s debt is essential so that the future of the Greek economy can be sustainable, International Monetary Fund (IMF) Managing Director Christine Lagarde said in a statement to the Italian newspaper Il Sole 24 Ore.
Regarding Greece, Lagarde said the IMF’s position was “very clear” and that it has approved a stand-by loan in principle on the basis on certain elements, with chief among them being the need to restructure Greece’s debt.
An assessment by IMF experts that has just been completed, Lagarde explained, outlined a series of actions and benchmarks that need to be met.
“We must deal with these in order to be able to move forward. It is my estimate that this can happen at the start of the new year,” she said.