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IMF's Lagarde: Decision On IMF Funding After Greek PSI Results

Wednesday, 22 February 2012 | 11:00
International Monetary Fund Managing Director Christine Lagarde said Tuesday that she intends to make a recommendation to the Fund's Executive Board on funding Greece's second bailout program once the country secures adequate financial contribution from the private sector.
In a statement after the Eurogroup meeting, she said "as soon as the prior actions agreed with the Greek authorities are implemented and adequate financial contribution from the private sector is secured, I intend to make a recommendation to our Executive Board regarding IMF financing to support a program."
The Eurogroup also said in a statement today that the official sector will decide on the precise amount of financial assistance to be provided in the context of the second Greek program in early March, once the results of PSI are known and the prior actions have been implemented.
Lagarde welcomed the proposed understandings reached today by the Eurogroup to support Greece. However, she observed that the success of this strategy crucially depends on full and timely policy implementation by Greece and long-term support by euro area member states.
Lagarde also lauded the discussion on ensuring the adequacy of the European Financial Stability Facility and European Stability Mechanism. She said this will help bolster the firewall against financial contagion and also catalyze efforts to enhance IMF resources.
Source: RTT News
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