A staff team from the International
Monetary Fund (IMF), led by Delia Velculescu, visited Athens during
July 30-August 12 to participate in technical discussions between the
Greek authorities and the European Commission, European Central Bank and
European Stability Mechanism (ESM) on an economic program that could be
financially supported by the ESM.
At the end of the visit, Ms. Velculescu made the following statement:
“During our visit we worked closely with the Greek authorities and
our European partners. The Memorandum of Understanding that has been
agreed between the authorities and the European partners is a very
important step forward. It puts in place far-reaching policies to
restore fiscal sustainability, financial sector stability, and
sustainable growth.
“In the period ahead, we look forward to working with the authorities
to develop their program in more detail and for Greece’s European
partners to make decisions on debt relief that will allow Greece’s debt
to become sustainable. The IMF will remain closely engaged with the
Greek government and the European partners to assist in this process,
and will make an assessment of its participation in providing any
additional financing to Greece once the steps on the authorities'
program and debt relief have been taken, expected at the time of the
first review of the ESM program."
