IMF Reiterates to Greece No Reforms, No Debt Relief

Greece must sign up to economic reforms before it gets debt relief, the International Monetary Fund, one of the country’s main creditors, has said.

Christine Lagarde, the head of the fund, said it would “be preferable to see a deliberate move towards reforms” in Greece before debt relief was offered.

Her comments – made in an interview with Reuters in Washington – are likely to infuriate the Greek government, whose last-ditch plea for debt relief, a bailout extension and a €29bn (£20bn) loan was rejected by eurozone governments on Wednesday.

Earlier this week Greece became the first advanced economy to default on a repayment to the IMF, when it failed to pay a €1.5bn loan, toppling Europe into full-blown political crisis.

via The Guardian

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza