IMF Still at Odds With Germany, Insists Greek Program Is Not Sustainable, Sources Say

Thursday, January 26th, 2017
Last Update: 20:18

Greece’s debt will be discussed in an International Monetary Fund (IMF) executive committee meeting on February 6, reliable sources reported on Thursday, noting that the fund’s political disagreement with Germany continues.

The debt sustainability report to be presented at the meeting says that Greek debt can’t be considered sustainable even if Greece adopts the fiscal path proposed by German Finance Minister Wolfgang Schaeuble, namely 3.5% of GDP primary surpluses for a 10-year period.

On the basis of the information about the positions adopted in the report, the IMF appears to be preparing a final decision to not finance the Greek program. IMF rules require that a country’s debt should be considered sustainable by the fund in order for a loan to be given.The Fund’s insistence on this position, on the one hand, and on the German Finance Ministry’s adamant position, on the other hand, maintain the core of the political disagreement between the IMF and Germany for the period after the conclusion of the Greek program. It is a matter the Greek government has repeatedly raised, while refuting accusations that it is responsible for delays in concluding the program review.

(source: ana-mpa)

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