associate sponsors

Llyod
HDFC

Greece needs debt restructuring, interest rate cuts - IMF's Lagarde | Reuters

BERLIN Greece doesn't need a debt haircut at the moment, International Monetary Fund Chief Christine Lagarde said on Wednesday, adding that debt restructuring and interest rate cuts on bailout loans were necessary."We are much more confident after the progress made by the Greek authorities to come in the direction of the institutions to satisfy the requirements that we have in order to engage in a programme," Lagarde told German public broadcaster ARD after talks with Chancellor Angela Merkel in Berlin.She said Greece should implement pension and income tax reforms demanded by the IMF as a condition for taking part in a bailout programme.

"Obviously, the second leg is going to be the level of debt that the country can carry out and that debt will have to be restructured appropriately and the volume of restructuring will clearly depend how much reform, how progress, how strong the Greek economy is at the end of the programme," Lagarde said."What will be needed is not a haircut if the reforms are done but a significant extension of maturity, a significant interest rate capping and that will have to be discussed in greater details later on as progress is made on the reform front," she added.

This will have to take place at the end of current bailout programme for Greece.

(Reporting by Joseph Nasr; Editing by Toby Chopra)

This story has not been edited by Firstpost staff and is generated by auto-feed.


Updated Date: Feb 23, 2017 00:45 AM

Also Watch

Watch: The true stories from Dharavi that inspired Rajinikanth's Kaala
  • Thursday, March 8, 2018 Watch: Cyrus Khan talks about Parkour, jumping across walls and why he hates sitting
  • Thursday, May 31, 2018 Unwind: India's basketball sensation Amjyot Singh has his eyes set on becoming an NBA regular
  • Monday, May 28, 2018 First Day First Showsha — Review of Solo: A Star Wars Story in 10 questions
  • Saturday, May 19, 2018 Social Media Star: Rajkummar Rao and Bhuvan Bam open up about selfie culture, online trolls

Also See



{if $hideJSforEU != 'yes'} {/if}