Thursday April 2, 2015 Search
Weather | Athens
14o C
09o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
IMF concerned about election result

By Tom Ellis

The prospect of a fragmentation of Greek political forces and the gains of extremist opponents of the terms of Greece’s bailout by international creditors (the so-called “Memorandum”) in opinion polls in view of the May 6 elections, is reported to be causing concern to the International Monetary Fund (IMF) regarding the unhindered implementation of the Greek recovery program.

“The uncertainty is particularly heightened, not just regarding the short-term but, I would say, certainly much beyond the elections,” said Poul Thomsen, head of the IMF’s mission to Greece, commenting on the considerable fall in the nominal value of new Greek bonds following the haircut of the country’s debt earlier this year.

Speaking during the recent spring session of the organization, Thomsen argued that for Greece’s current efforts to bear fruit “there must be a significant restart of structural reforms, relative to what we have seen so far.”

“The pace of reforms we saw in 2011 leads to failure rather than success,” he noted.

Generally, IMF officials avoid public statements regarding Greek political developments, as they do not wish them to be possibly interpreted as “interventions.” In private, however, they appear strongly concerned about the danger of the lack of a strong government and its adverse repercussions on the Greek economy, when there is little room for missing the targets set.

IMF chief Christine Lagarde and Thomsen are said to have made it clear to Greek quarters that they view the formation of a broad coalition, both at political and social levels, as indispensible for the success of the program.

“The restructuring of the Greek political scene, in the sense that the two main parties have cooperated in supporting the program, is a major change in relation to the past. There is no doubt that the elections will test popular support for the program. It is, nevertheless, a very important change and we hope that, through it, Greece will reach the point where we shall have a significant restart of structural reforms,” Thomsen said recently.

In private discussions, other IMF circles privately argue in favor of parties that accept the necessity of the Memorandum -- including former Foreign Minister Dora Bakoyannis’s Democratic Alliance and Stefanos Manos’s Drasi -- joining forces. Drasi candidate Miranda Xafa, a former Greek representative to the IMF, attended the IMF’s spring session of the fund a few days ago.

The IMF officials ascribe particular significance to the evaluation of the situation by the markets.

“There is, evidently, some concern between investors as to whether Greece can make it,” Thomsen said. He argues that if we have a few years of steady progress and implementation of reforms, investors will be convinced and bond values will recover.

ekathimerini.com , Sunday April 29, 2012 (20:31)  
Two foreign nationals arrested in Conspiracy of Cells of Fire case
Greece must do more on reforms, says Sapin
Euro debate ignites in east EU in face of public skepticism
ECB raises ELA limit by 700 mln euros
Greece-Russia overtures seen as sideshow by Merkel, Hollande
Germany and France view Greece’s overtures toward Russia as a sideshow and won’t be drawn into a debate on the matter, three government officials said. That strategy stems from Chancellor An...
Samaras says he’d join alliance to keep Greece in euro
As Greek Prime Minister Alexis Tsipras struggles to secure a financial bailout to stay in the euro zone, his chief rival said he’s open to offering a political rescue. Opposition leader Anto...
Inside News
BASKETBALL
AEK could get a wild card to the Euroleague
AEK shows capable of climbing as high as third in the Basket League, as its 16-point home win over third-placed Aris on Sunday confirmed it can challenge both Aris and PAOK to the first spot...
SOCCER
Cyprus soccer eyes reunion after 60-year divorce
Turkish Cypriot soccer officials on Monday vowed to press ahead with attempts to reunite with the Cyprus Football Association, (CFA), triggering a political storm on the ethnically-split isl...
Inside Sports
COMMENTARY
Turkey’s inner turmoil
Because every aspect of Greek economic and political life is being governed by total chaos and division, because the country is not located safely in the middle of Europe and because there i...
EDITORIAL
Everything is not OK
What we are experiencing these days is the epitome of an axiom that has emerged since the restoration of democracy in Greece, whereby everything is allowed. The phenomenon of sit-ins and occ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Two foreign nationals arrested in Conspiracy of Cells of Fire case
2. Greece must do more on reforms, says Sapin
3. Euro debate ignites in east EU in face of public skepticism
4. Greece-Russia overtures seen as sideshow by Merkel, Hollande
5. Samaras says he’d join alliance to keep Greece in euro
6. Jailed ex-minister´s wife escapes from custody at mental health unit
more news
Today
This Week
1. Jailed ex-minister's wife escapes from custody at mental health unit
2. Samaras says he’d join alliance to keep Greece in euro
3. Greece-Russia overtures seen as sideshow by Merkel, Hollande
4. Euro debate ignites in east EU in face of public skepticism
5. Turkey’s inner turmoil
6. Everything is not OK
Today
This Week
1. Next Monday is D-Day for state funds
2. Eurogroup unlikely to be held soon to discuss Greek reforms
3. Moscow expects progress from Tsipras visit
4. Amateur antics or overstepping the mark?
5. Greece optimistic on deal with euro area next week
6. ECB nerves fray on Greece as supervisors rile central bankers
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.