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12/8/2020  
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ECONOMICS
Lagarde refuses to give an extension of payment to Greece

IMF is rule-based and do not grant payments delays to advance economies


Restore the stability of the Greek economy, is an objective pursued by IMF, and it is actually done by looking at measures, committing to reforms, measuring what the outcome will be, but it is not done by a political last-minute accord.
JACR 17/4/2015 Send to a friend
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The International Monetary Fund (IMF) chief, Christine Lagarde, warns that Greece’s delay in debt payments will not be supported by the institution. According to IMF chief, payments delays have not been granted by the institution in the last 30 years, except for two developing countries, with not productive results.

"We have never had an advanced economy asking for payment delays. Payment delays are actually analysed as additional financing granted to that country. Additional financing means additional contribution by the international community, some of which are in a much dearer situation than the country actually eventually seeking those delays," Lagarde said at the press conference of the days of spring Fund Washington.

As reported in the Financial Times, the Greek government had sought a delay in payment, and Lagarde received several questions about to launch a very clear message. "We are concerned about the liquidity of our debtors and we could explain our policies on payment extensions Mr. Varufakis".

The government of Alexis Tsipras, already paid 495 million to IMF corresponding to a portion of the loan maturing, but did preceded by weeks of uncertainty over whether he could do it and with threats of not paying. But after a key date comes another, April 24, when Finance Ministers of the Euro area meet again in Riga (Latvia) and Brussels wants get there with an agreement on Greek reforms. That date is also the Greek Government has pointed red: when it holds, the money is gone.

"My advice is to get on with the work and the work needs to address both the short term and the medium term of the economy" said Lagarde. 

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