Saturday, April 2, 2011

IMF Denies Pressing Greece to Restructure Debt

Reuters/New York Times
April 2, 2011

The International Monetary Fund on Saturday denied a report in German magazine Der Spiegel that it was privately pressing Greece to restructure its debt.

"As we have said consistently, the IMF supports the Greek government's position of no debt restructuring and its determination to fully service its debt obligations. Any reports claiming otherwise are wrong," an IMF spokeswoman told Reuters.
Without citing any sources, Der Spiegel reported that the IMF had reversed its previous opposition to the idea of a Greek restructuring and now believed one was necessary soon.

It wrote that senior IMF officials were recommending this to European governments because Greece's debt mountain was now roughly one-and-a-half times its annual economic output.

More

See also Der Spiegel

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