pressure rises on greece as imf rebuffs repayment delay
Last Updated : GMT 16:22:18
Arab Today, arab today
Arab Today, arab today

Pressure rises on Greece as IMF rebuffs repayment delay

Arab Today, arab today

Arab Today, arab today Pressure rises on Greece as IMF rebuffs repayment delay

Christine Lagarde
Washington - AFP

International Monetary Fund chief Christine Lagarde on Thursday played down talk of Greece delaying its debt payments, maintaining pressure on Athens as it runs out of money to pay.

With an April 24 deadline looming for Greece to reach a deal on new financing from EU creditors, markets are fearful that it could fail to pay its debts and split from the eurozone.

Lagarde cut off one possible avenue of relief, saying there was little chance that Greece would be able to delay payments of hundreds of millions of dollars to the Fund next month.

"We have never had an advanced economy ask for payment delays," the Fund's managing director told reporters in Washington, at the opening of the IMF-World Bank spring meetings.

"It's clearly not a course of action that would actually fit, or be recommendable in the current situation," Lagarde said.

"Payment delays have not been granted by the board of the IMF in the last 30 years."

Greece has denied reports that it has already formally asked for a delay in payments to the IMF, and Lagarde's response suggested that any such approach would not be welcomed.

In this, the IMF is closing ranks with Greece's European Union creditors as the clock ticks on Athens reaching a new financing deal with its bailout lenders before its next debt payment comes due.

Prime Minister Alexis Tsipras' new Greek government has sought an easing of austerity and reform conditions on the IMF-EU bailout loans, but creditors have refused to budge.

"We continue to work with other institutions and the Greek authorities. Talks are ongoing. However at this stage, we are not satisfied with the level of progress," European Commission spokesman Margaritis Schinas said Thursday.

The official target for an interim agreement is the April 24 meeting of eurozone finance ministers in Riga, Latvia.

Riga was meant "to be able to take stock of the situation (but) we have to have more progress than we actually have," Schinas said.

A European Union source, meanwhile, said that "nothing has happened over the past few days. Absolutely nothing."

Athens desperately needs a deal to unlock 7.2 billion euros ($7.7 billion) -- the last tranche of a 240-billion-euro bailout accorded in 2010 -- but the EU and IMF want better reforms from Greece.

Greece must repay about one billion euros to the IMF in the first half of May. It owes nine billion euros to the European Central Bank in July and August.

Speculation of a Greek default mounted after Standard & Poor's cut the country's credit rating Wednesday to a level recognizing that borrowers are vulnerable to default.

Yields on the country's bonds soared Thursday to their highest level since the end 2012, the last time Greece was extremely close to default.

Finance leaders and analysts generally said they still expect a deal to be done, and that Greece will remain in the eurozone.

"I would like to say that I am quite confident it will not happen," German Finance Minister Wolfgang Schaeuble said in New York Wednesday, referring to a "Grexit".

Greek Finance Minister Yanis Varoufakis was to meet with global financial officials in Washington this week during the IMF-World Bank meetings, but Lagarde's comments suggested he would find little support.

Lagarde stressed that any debt payment delay for Greece would be the equivalent of granting it new financing, placing more burden on IMF members, some of which are in worse situations.

Instead, she said Athens needs to proceed with reforms to boost stability and create jobs.

"My advice is to get on with the work."

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

pressure rises on greece as imf rebuffs repayment delay pressure rises on greece as imf rebuffs repayment delay

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

pressure rises on greece as imf rebuffs repayment delay pressure rises on greece as imf rebuffs repayment delay

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Prince's vision spurs new Cornwall village

GMT 03:12 2017 Saturday ,18 November

Prince's vision spurs new Cornwall village
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Israel ready to cooperate with Saudi

GMT 06:31 2017 Friday ,17 November

Israel ready to cooperate with Saudi
Arab Today, arab today Airbnb raided by Japan

GMT 01:55 2017 Saturday ,18 November

Airbnb raided by Japan
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Baidu speeds up AI progress

GMT 11:46 2017 Friday ,17 November

Baidu speeds up AI progress
Arab Today, arab today Hanan Metawe denies apology for “Major Treason”

GMT 12:22 2017 Thursday ,16 November

Hanan Metawe denies apology for “Major Treason”
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 08:06 2017 Wednesday ,15 November

Ayten Amer happy for “The Flood” success

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 06:13 2017 Friday ,17 November

Pope denounces healthcare inequality

GMT 05:18 2017 Thursday ,16 November

Boeing announces $27bn from flydubai

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday