US Government Backs IMF Handling of Greece’s Bailout Program

Sunday, July 2nd, 2017
Last Update: 03:51

“The U.S. government is supporting the International Monetary Fund and Managing Director Christine Lagarde in the way they handle the Greek bailout program,” said  U.S. Treasury Secretary Steven Mnuchin.

According to a report, the U.S. Treasury Secretary answered to journalists’ questions at the White House. Regarding the IMF and the Greece’s bailout, Mnuchin underlined that the Fund’s financial contribution is small, as it works mostly on an advisory level, and does not burden American taxpayers.

Here’s the full Q&A with Treasury Secretary Steven Mnuchin:

Question: You participated along with Mrs Lagarde at the last meeting of the IMF and the World Bank and you are surely aware that there is some concern about the future of U.S. policy regarding the participation of the International Monetary Fund. What is the U.S. policy on the IMF involvement in economic relief programs in the Eurozone?

Answer: Well, let me say that I had the pleasure of meeting Christine Lagarde at least twelve times. I think the IMF plays a very important role in overseeing currencies and global economies. The IMF was very useful in stabilizing the situation in Greece and co-operating with Europe. I think this summer there could be a major problem that would create major concerns for markets and the economy and I think it (the IMF) had a very important part of these negotiations.”

Question: How do you maintain the American level of support to the IMF at its current level and specifically as part of the relief for Greece? Because the role of the U.S. to help Greece recover from the financial crisis is through the IMF.

Answer: The IMF (financial) commitment to Greece was too small. I am not even sure that Greece will necessarily use it, which is why I think that the meaning (of the IMF participation) was really more a stamp of approval than anything else. And again, there is no direct cost to the U.S. taxpayers. We support the IMF, although we will look at our contributions to the IMF, as we carefully examine all contributions and ensure that taxpayers’ money is properly spent.”

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