BUSINESS

Compromise solution still sought for IMF to stay in the program

EIRINI CHRYSOLORA

TAGS: Finance

One way or another, the International Monetary Fund will remain committed to Greece, IMF Managing Director Christine Lagarde stated on Monday.

Speaking in Berlin after her meeting with German Chancellor Angela Merkel, the IMF chief added that the terms of the Fund’s engagement in Greece will probably become clearer after June 21.

“We are considering all options,” she told reporters.

Sources say that the Europeans’ efforts have recently focused on finding measures that would allow the IMF to acknowledge the Greek debt as sustainable, even in the medium term, so that the Greek program can be completed without any turbulence and to avoid any strong negative reactions in the markets.

Until now Germany was seen relaxing its position on the debt maturity extension from three to five years, while the IMF wants 15 years, but a source says a compromise could be reached at 8.5 years.
 

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