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This article was published on July 30, 2015 at 19:14.
The last change is the 30 July 2015 at 20:34.
The International Monetary Fund does not intend to participate in the third rescue program of Greece (86 billion euro ) until a solution is found on the sustainability of Greek debt. A public debt accumulated mainly towards the countries of the Eurozone. ‘To ensure debt sustainability in the medium term, difficult decisions are needed on both sides. Greece on the side of reform, to its European partners on the side of the Greek debt, “he said, on condition of anonymity, an official of the Fund. “Needless to pretend that only one party can solve the problem. It is clear that it will take time before the parties are ready to make these decisions “, stressed the source.
It is a new tile sull’accidentato obstacle course to get to the salvation of Greece. Shortly before the Financial Times had quoted a confidential document of the Fund in which it is explained that Athens does not meet the requirements to go-ahead to the aid for the high level of debt and the slow implementation of reforms. According to the document seen by the Financial Times, the IMF staff yesterday exposed the matter to the board of the organization in Washington at a meeting which lasted two hours, creating new uncertainties on the Fund’s involvement in the rescue of Athens.
However, says the FT, this position does not exclude the fact that the IMF take part as of now in the negotiations initiated in Athens, but implies that for months could postpone the decision on its participation in rescue, potentially even up to ‘next year. This uncertainty explains the financial daily, would have an impact especially on Germany, where it is always considered “impossible to get the approval of the Bundestag to the new bailout of € 86 billion without the support of the IMF.” One more arrow over Schaeuble to return to the office and ask for the temporary exclusion of Athens from the Eurozone so that it would become a currency variable geometry.
The decision of the IMF – later confirmed as told by a senior albeit under strict anonymity – adds in any case a substantial difficulties in the negotiations just started from creditors with the Greek Government. At the moment there are no official political reaction, but the first consequence is that it might be more complicated for some parliament (from the German) give the green light. The IMF position is consistent with the arguments so far: will participate directly in the new program only in a second step after that Athens will have agreed on a comprehensive set of reforms and when he has found with the governments of the euro zone agreement on debt relief. This orientation of the Fund will cause problems for European governments have always indicated that the debt will be discussed in the fall and now will have to accelerate.
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