IMF Persists in Greek Debt Restructuring in Order to Move on With Rescue Plan



Gerry Rice
After calling the Greek government to approve controversial budget cuts and financial overhauls, the International Monetary Fund (IMF) made a strong reappearance, this time putting pressure on Eurozone’s leadership, asking for a detailed debt restructuring plan for Greece in order to move ahead with a new three-year bailout program.

IMF top spokesman Gerry Rice revealed on Thursday that IMF delegation Head Delia Velculesku might not finally travel to Greece during the next two days to attend the negotiations between Athens and the institutions over the new rescue program.

As he explained, the IMF involvement in Greece’s new emergency bailout requires prior request from the Greek government, which, he said, has not been submitted so far. Furthermore, the IMF estimates that the talks about the specific aid plan will be painful and would require, as a condition, the Europeans’ commitment to ease the country’s debt.

“On the debt relief, there would need to be a specific, concrete commitment,” Rice said during a regular press briefing.

“The path appears to be difficult and we are only at the beginning of the process,” he noted, adding that IMF involvement in a future program for Greece “will depend” on the outcome of the talks over reforms and debt.