Reuters
January 7, 2012
The International Monetary Fund is losing confidence in Greece's ability to clean up its public finances and work off its mountain of debt, German magazine Der Spiegel reported on Saturday.
Citing an internal IMF memo, the news weekly said the body considered Greece's current readjustment program insufficient and that new measures would have to be taken if the country is to avoid default and meet targets agreed with creditors.
The magazine said the IMF saw three options: either Athens enacts further austerity measures, private creditors write off more of their investments in the country's sovereign debt, or states in the euro zone increase bailout aid.
Earlier on Saturday, an adviser to Germany's finance minister Wolfgang Schaeuble told a Greek newspaper that a 50 percent write-down on Greek debt holdings, part of Greece's debt swap deal, is not enough to put the country on a viable path.
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