EU-IMF rift stalling Greek debt so­lu­tion

The Myanmar Times - - International Business -

A RIFT be­tween the EU and the In­ter­na­tional Mon­e­tary Fund on the way to tackle the Greek debt cri­sis is de­lay­ing its so­lu­tion, Greek Prime Min­is­ter Alexis Tsipras said.

Leftist-led Greece is strug­gling to de­liver on fresh re­forms needed to un­lock a fur­ther 2.8 bil­lion eu­ros (US$3 bil­lion) in bailout loans and more cru­cially, launch ne­go­ti­a­tions on debt re­lief later in the year.

“We are closer than ever be­fore to a so­lu­tion to this cri­sis. What is de­lay­ing the ef­fort of re­gain­ing the trust of the mar­kets is the con­stant dis­agree­ment be­tween the Euro­pean in­sti­tu­tions and the IMF,” Mr Tsipras said.

The Wash­ing­ton-based IMF, which was key to Greece’s three bailouts, has said it won’t give a penny to the lat­est one un­til it sees a con­crete plan from the Euro­peans to sub­stan­tially cut Greece’s massive debt bur­den.

The IMF and EU cred­i­tors dis­agree on just how much Athens can im­prove its fi­nances through on­go­ing re­forms.

Athens has com­mit­ted to de­liver on the re­forms by the end of the month. They in­clude the long-de­layed launch of a massive pri­vati­sa­tion fund and re­forms in the highly sen­si­tive en­ergy sec­tor.

The EU’s Eco­nomic Af­fairs com­mis­sioner Pierre Moscovici said Greece must de­liver on all 15 re­forms, with only two of those achieved so far. –

Photo: AFP

Alexis Tsipras says Greece is closer than ever to a so­lu­tion.

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