U.S. Treasury Secretary: ‘Greek Crisis Is Basically a European Problem’

Friday, February 24th, 2017
Last Update: 12:49

The economic crisis in Greece is basically Europe’s problem, said new U.S. Secretary of Treasury Steven Mnuchin in a Wall Street Journal interview.

The statement came after estimations that the Donald Trump administration will not encourage the International Monetary Fund to continue financial participation in the Greek bailout program.

Analysts say that this is a message that the U.S. will not support the tendency of the European part of the IMF to participate in the program. European institutions insist that the Fund should be a part of Greece’s rescue program.

At the same time, IMF representative Gerry Rice said that in order for the Fund to return to the Greek bailout program, Europe needs to commit on specific debt relief measures, in addition with Greece implementing crucial structural reforms. Rice also said that the U.S. Treasury Secretary had a conversation with IMF Managing Director Christine Lagarde on Tuesday

It is expected that the Fund will put more pressure on Germany – Greece’s biggest lender – to offer more debt easing. The governments of Germany and the Netherlands are committed to their parliaments that they will pull out of Greece’s bailout if the IMF does not participate further.

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