International Monetary Fund (IMF) Managing Director Christine Lagarde stressed out that there is an urgent need for cash-strapped Greece’s unsustainable debt burden to be reconstructed.
In an interview with Swiss French-language daily newspaper “Le Temps” on Saturday, Lagarde implied that the International Monetary Fund is on the same page with Greece’s international creditors regarding the debt reconstructing issue,ruling out, any possibility for a write-off.
“The debate on the debt cancellation was never opened. I do not think it is necessary to open it things go well,” Lagarde stated.
The Chief of the IMF also added: “There are talks about extending maturities, reducing rates for a certain period of time. We are not takling about canceling debt.”
However, Christine Lagarde as the representative of one of Greece’s main international lenders did not provide any information about IMF’s intention to participate in Greece’s third 86 billion bailout program.
So it’s turned out that Alexis Tsipras told another lie to the Greek electorate when he said that he had convinced the Troika creditors that cancellation of a considerable portion of Greece’s National debt was inevitable. Mr Tsipras you lied about everything, you failed in everything, you & your Coalition of the Radical Left took Greece, which was admittedly on the ropes economically under the ND-PASOK coalition government, & 40 years of unrestrained ND/PASOK corruption, & you knocked it down to the ground! It’s time you and SYRIZA exited the Greek political landscape. After your wrecking job on Greece you will spend your time hopping between your various overseas mansions and luxury residences like your other sellout Marxist multimillionaire comrades e.g Varoufakis.
Sounds like more kicking the can then. I didn’t know the IMF was allowed to play favourites.
That may be the case now, but once the IMF sees that after restructuring, etc., has failed they will realise that the debt is unsustainable and have no choice but to write it off…
I do wish the IMF would kick out Lagarde and appoint a competent non-French and non-European person with some grasp of world economics — not a dubious lawyer with little to offer.
Tell you what, how many people owns you money, can you tell them to forget all their debts. If you can’t do that then don’t ask others to do it.
How is that a lie?
It is inevitable.
Not only that, but the debt writedown was already part of the second bailout agreement from 2012. It was reneged on. The former head of the IMF has already apologized for being part of the troika that reneged on an agreement with Greece. Is it a lie to state you have an agreement? On which your partner reneges? If you marry someone and say, “I will be with you until I die,” is it your lie when the partner leaves you?
The IMF has been playing a huge favorite with Greece and Europe. Due to European influence, and over the objections of many shareholders, the IMF has devoted a lot of money to helping the relatively rich country of Greece.
The IMF is supposed to be multi-national neutral organisation. Some of the poorest countries in the world contribute to the IMF. It also is supposed to help countries in difficulty, without bias. Its therefore not good enough that they lent money to Greece, as a favour to the EU so as that they could repay German French etc Banks.
Secondly by doing so they have come into this situation on the EU side! The Greeks can only default under extreme hardship & have therefore encouraged the German intransience, trying to keep the Greeks locked in.
I wonder how the people of African & Asian nations feel about the IMF lending their contributions to Greece, so as that French German banks don’t make a loss.
The rules are clear. No loans until the Greeks default on their existing obligations first. If the IMF had of insisted on that before the first bailout, this situation would not of come about.
Instead they went against their own rules as a favour to EU, and as such deserve to take a loss from this as well.
Already have mate!!!! If you lend or invest money. You MUST take responsibility for your investment. I’ve taken losses.!!!! And in this case the EU banks should be repaid only what the debtor can afford. Which would be about 90+% loss.
Their is no right to repayment. You get repaid if you’ve made the right choice.
The perception out there seems to be that Greece has some sort of overtly religious or holy duty to repay the innocent French/German banks, who have lent money to Greece as a favour between mates.
I hope the Greeks eventually help the EU with their responsibility fear.
Tsipras is a master at reneging on agreements he made with the Greek people.
Radical Leftist Alexis Tsipras did a complete U-turn on his key pre-election promises, which were that he would tear up the ND-PASOK memorandums, expel the Troika, and scrap the Enfia tax. Tsipras signed Greece up to a memorandum that is even harsher than those that ND&PASOK had signed, & Tsipras did this just days after 61% of the Greek electorate had voted NO to another memorandum at the July 5 referendum.
https://greece.greekreporter.com/2015/07/05/greek-referendum-results-landslide-win-for-no-vote-in-greece/
The IMF has been helping the German and French banks, mate. Greece has nothing to do with it, in reality. It’s a scam by Europe.
Irrelevant to the discussion. Tsipras and no Greek ha it in their power to do anything about the memorandum unless and until they decide to leave the euro. You’re effectively criticizing Tsipras for not going to the drachma, which is the only way he could keep 80% of his pledges (though he’d then renege on a big one, which is NOT leaving the euro).