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IMF knocks back Greek hopes of loan extension

The International Monetary Fund has rejected requests from Greece to extend the deadlines on loan repayments, according to reports.

IMF managing director Christine Lagarde said yesterday that Greek ministers should instead focus on restructuring the debt-ridden nation’s economy rather than seeking an extension, the Wall Street Journal reports.

“It’s clearly not a course of action that would actually fit or be recommendable,” Lagarde said.

“Payment delays have not been granted by the board of the IMF in 30 years.

“We have been able to express and explain the policy of the IMF in terms of payment delays and give the precedents and history of that to [Greek finance minister Yanis] Varofakis.”

Greece has so far repaid all of its IMF loans on time, but Lagarde nonetheless said that the Greek government should focus on designing reforms, rather than seeking to renegotiate with its creditors.

“My advice is to get on with the work,” she said.

The comments come after German finance minister Wolfgang Schäuble played down prospects of a resolution from bailout talks between Greece eurogroup finance ministers.

The eurogroup will meet with Greece in Riga, Latvia, on 24 April.

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. These developments are a pointer that the astrological forecasts about global economy trends made by this writer as early as 2 June 2014 in article – Stressful times ahead for world economy in 2015 and 2016 – at http://www.astrologyweekly.com, are likely to become relevant. Therefore, need is for still more effective steps to avert the downward trend for global economy. It may be mentioned here that astrological predictions of trends are indicative and not deterministic suggesting that sufficient appropriate strategy has the potential to avert downward trend.

  2. Greece seems to be in and endless cycle of meeting its debt repayment obligations by the skin of its teeth, thereby emptying its coffers completely, and then asking for a further loan and prevaricating about the conditions that the ECB seeks to impose. Such a situation cannot go on indefinitely and indeed it’s already gone on for far too long. So the IMF’s only choices are to keep pouring money into a bottomless pit or allow Greece to go under and have done with it. That will be the beginning of the end for the whole ghastly EU experiment. It’s just a matter of when.

  3. At a recent seminar it was suggested that the Greek government will be forced to hold a referendum on EU membership, current polls suggest that 80%+ of Greeks want to stay in the EU. Options are running out.

    The only plus being that I think the markets have pretty much anticipated the current Greek tragedy.

    Only time will tell……………………………

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