FRANKFURT (MNI) – International Monetary Fund Managing Director
Christine Lagarde said Thursday she would recommend the IMF’s Executive
Board back Greece’s aid program after a successful Greek debt buyback
and commitments from Eurozone leaders to take additional steps to return
Greece to debt sustainability if needed.

Lagarde said in a press release she expected the IMF Executive
Board to meet in January. Last month she made her support for continuing
the Greek program contingent on a successful debt buyback operation.

“I welcome the Eurogroup’s decision to support the debt buyback
operation for Greece and its assurances to provide additional debt
relief if necessary and provided Greece has achieved a primary budget
balance in 2013. These steps will ensure that Greece’s debt-to-GDP
declines to 124% by 2020 and to substantially below 110% by 2022,” she

“On this basis, I intend to recommend to the Fund’s executive board
that it completes the first review of Greece’s Fund-supported program. I
expect that a board meeting could take place in January.”

[TOPICS: M$Y$$$,M$X$$$,MI$$$$,MFX$$$,MGX$$$]