–IMF Ready to Help Greece, Subject to Agreed Economic Reforms
By Heather Scott
WASHINGTON (MNI) – The International Monetary Fund made it clear
Thursday that financial support for Greece is subject to completion of
agreed upon economic reforms, and said a “positive outcome” is expected
at next week’s Eurogroup meeting on ensuring the aid program can be
financed.
“We stand ready to continue our support for Greece subject to
adoption of the economic policy reforms agreed with the Greek
authorities,” Caroline Atkinson, IMF director of External Relations,
said in a statement.
“Progress is being made in the discussions to ensure the full
financing of the program, and we anticipate a positive outcome on this
at the next Eurogroup meeting,” she said.
However, she noted that, “Conclusion of the pending program review
remains subject to approval by the IMF’s Executive Board.”
An IMF team visited Greece to complete the latest review, but no
date has been set as yet for the executive board to consider the staff
report and recommendations.
The IMF statement comes after EU’s Economic and Monetary Affairs
Commissioner Olli Rehn earlier Thursday essentially announced that the
EU is now playing for time in efforts to ensure continued Greek funding.
Rehn sought to downplay expectations for the upcoming Eurogroup
meeting on June 19-20, saying only that he was confident it would agree
on disbursement of a E12 billion tranche from Greece’s current E110
billion bailout package.
But Rehn said a new bailout of around E90 billion (depending whose
estimates you choose to believe) will not be decided until the following
Eurogroup meeting on July 11.
** Market News International Washington Bureau: 202-371-2121 **
[TOPICS: M$U$$$,M$$CR$,MI$$$$,M$X$$$,MFX$$$,MGX$$$,MT$$$$]
