IMF supports Greece Debt Extension, says No to Restructure

Posted by in Economy

 Amid pressures to Greece to restructure its debt, International Monetary Fund comes to aid, saying it supports repayment extension.

David Hawley, IMF’s Senior Advisor in External Relations Department, said during a press briefing on Thursday:

“We  advocate an extended repayment period for the Greek program that could be achieved with converting today’s loan to Extended Fund Facility. We could propose this to our excecutives board. Of course, this could happen in coordination with our  European partners”.

Hawley reiterated that it wasn’t in Greece’s interest to restructure its debt.

“Greek government has repeatedly said that it is not willing to proceed to debt restructure that is not in the country’s interest and we agree with them on this point”.

( Source: IMF website/Press Briefing, January 20, 2011/ Video: 12:20-13:30 )

Read also: EFSF/Regling: No Need to Increase EFSF Nor Restructure Greece Debt

                   Goldman Sachs/Wilson: Some form of restructuring is a relatively high-probability