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Tag Archives: debt restructuring

Lagarde like Schaeuble: First Reforms then Debt Relief Measures

The International Monetary Fund fully adopted the line of German Finance Minister Wolfgang Schaeuble. Managing Director Christine Lagarde said that debt restructuring for Greece was needed but the IMF will not insist on upfront debt relief measures. Modalities must be decided upfront, Lagarde said adding that the IMF is  still …

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IMF admits “fear of Greek debt restructuring in 2010”

For one more time the International Monetary Fund acknowledged that it made mistake sin dealing and handling with the Greek crisis. In its latest report “Crisis Program Review” published on December 16th 2015, the IMF notes with regards to “Restructuring fo the Greek debt” that: “It should have been restructured …

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The IMF pushes Europe for formal restructuring of Greece’s debt

The International Monetary Fund pushes Greece’s European partners and lenders for a formal debt restructuring. This is what the IMF’s first deputy managing director, David Lipton, told in an interview with Bloomberg. IMF Pushes Europe for Formal Restructuring Accord on Greek Debt “Euro-area countries must commit to a formal restructuring …

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Citi’s Buiter: “Greece’s new currency would be rubbish”

There would be “havoc” if Greece left the euro zone and adopted an alternative currency, Willem Buiter, global chief economist at Citi, told US-network CNBC. “I really think the notion that Greece exits with or without a shadow currency or a proper currency (is ridiculous). Greece has not, historically, been …

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Eurogroup, Greece & the IMF: a new haircut or not?

The Eurogroup meets up on Monday in Brussels with Eurozone finance ministers expected to review individual bailout programs of Eurozone member countries. Greece will also be discussed even as its government is reportedly considering a proposal for a debt turnover Greek finance Minister Yiannis Stournaras will brief his counterparts about …

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IMF on Greece: new austerity measures €6.7 billion, new “haircut”

International Monetary Fund wants new austerity measures worth 6.7 billion euro from Greece and thus until 2016. The IMF sees no primary surplus to be achieved for 2013 and furthermore that additional debt restructuring (haircut) will be requited.. According to IMF’s “Fiscal Monitor” report published on Wednesday, Greece is expected …

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Greek Parliament Budget Office: “Debt Restructuring is one-way street”

We live in an illusion world… that things will get better, the debt volume will decrease, Greece will return to the markets, recession and unemployment will ease, that this and that… However the Greek Parliament Budget Office dropped a bomb today. It said that “debt restructuring is one-way street” and …

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WSJ: IMF secret docs May 2010 “Greece’s rescue program was not sustainable”

Minutes of International Monetary Fund board meetings held in May 2010 and published by the Wall Street Journal on Tuesday have highlighted the concern of many country representatives that the Greek bailout was not sustainable. One of the key criticisms expressed during meetings held before Athens agreed its first bailout …

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German FinMin Ruled Out 2. Bailout for Greece and 2. Debt Restructuring

Three times “Nein!” German Finance Minister Wolfgang Schaeuble ruled out a third bailout to Greece, any extension to the second bailout program and a possible second debt restructuring. German Finance Minister Wolfgang Schaeuble ruled out more financial help for Greece, saying the last bailout stretched international creditors to their limits. Schaeuble, …

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EU-Sources to Reuters: Greece Will Need More Debt Restructuring

 As if the notorious and anonymous “EU-source” predicting and forecasting bad omens was not enough, two more “EU-Sources” popped up and all the three together told Reuters that Greece would need another debt-restructuring. However as the issue is too complicated there is no open discussion until now about this issue, the …

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Greece To Pay at least €35.5 Million to PSI Advisers

 OUCH! Greece has to pay at least 35.5 million euro to its two main advisers helping the debt-ridden country with its Greek Bond swap (PSI) or in common English “debt restructuring”. Greek Finance Ministry saw itself obliged to reveal the payments, after daily Proto Thema  claimed on Tuesday, that Athens had …

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Is Portugal the Next Greece? And How About Ireland?

While Greece struggles in Brussels to convince its European partners of its good intentions, Portugal seems to follow the path of Greece. The IMF prescription programme didn’t help the Portuguese economy either. On Monday borrowing costs for Portugal rose to euro-era highs. The same happened with CDS that hit a record of …

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