Moment of Truth: IMF’s Lagarde to Attend Executive Board Meeting on Greece

Monday, February 6th, 2017
Last Update: 12:44

The International Monetary Fund‘s Christine Lagarde will be participating today in an executive Board meeting at the organization’s headquarters in Washington which is set to begin at 2:30 p.m. (9:30 p.m. Greek time).

IMF technocrats are to present the outcome of two reports that in fact have already been published for several months, but were delayed from entering Executive Board discussions for reasons unknown.

The reports, prepared for Greece by a team headed by IMF Mission Chief Delia Velculescu, will be under discussion at the Executive Board meeting and will cover the status of the Greek economy — a revised assessment of the Greek debt sustainability (DSA) — as well as a post evaluation of the 2012-2016 loan program (Ex Post Evaluation of Exceptional Access under the 2012 Stand-By Arrangement).

In detail, there will be an updated analysis on the sustainability of the Greek debt, which notes that the debt remains highly unsustainable despite the short-measures for debt decided back in December 2016. The report concludes, that even if Greece implements everything as agreed under the ESM program, the debt will continue to be unsustainable.

Today’s IMF meeting will not provide an answer as to whether the organization will be participating in the Greek program. The fund’s representative Jerry Rice has repeatedly stressed that a decision on this matter is expected after a second evaluation.

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