NEWS

Greece’s ex-FinMin says IMF did not demand debt relief

Former Finance Minister Giorgos Papaconstantinou issued a statement on Tuesday denying claims that the International Monetary Fund’s ex-Managing Director Dominique Strauss-Kahn had insisted that the Greek debt be restructured as part of the bailout deal signed in May 2010.

“Strauss-Kahn called me to a meeting at his office at 7 a.m. on April 24, 2010. [ECB President Jean-Claude] Trichet and [European Economic and Monetary Affairs Commissioner Olli] Rehn were also present to finalize the details of the program,” Papaconstantinou said in a statement published by Ta Nea newspaper.

“There, Trichet and Rehn strictly ruled out any discussion about debt restructuring. Strauss-Kahn was in total agreement with them.”

As Kathimerini reported recently, Papaconstantinou informed Trichet in April 2011 that Greece intended to ask for a rescheduling of its debt.

This prompted Trichet to write to the Greek government and warn that such a move would likely result in liquidity provided by the ECB to local banks being cut off.

Subscribe to our Newsletters

Enter your information below to receive our weekly newsletters with the latest insights, opinion pieces and current events straight to your inbox.

By signing up you are agreeing to our Terms of Service and Privacy Policy.