Reuters
July 12, 2011
The IMF and its European partners are not yet ready to discuss terms of a second Greek bailout, IMF Managing Director Christine Lagarde said on Monday, urging Athens to do more to deal with its debt crisis.
In her first round-table with Washington-based news agencies since taking the helm of the IMF a week ago, Lagarde said Greece had taken important steps to cut its budget deficit but they were not enough.
"In my view we're not at the stage of discussing the conditions and terms, and length and volume, and nothing should be taken for granted," Lagarde said.
"Greece has done a lot of work to reduce deficits and achieve fiscal consolidation in the range of five percentage points of GDP; this is a significant achievement," she added. "We all know this is not sufficient, that more work needs to be done."
She said a solution to Greece's problems "was a work in progress" that needed to be worked out within Greece, and the "Troika" of partners that include the European Union, European Central Bank and the IMF.
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