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Ms Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement on February 21 in Brussels after the latest meeting of the Eurogroup:
“I welcome the proposed understandings reached today by the Eurogroup to support Greece. The combination of ambitious and broad policy efforts by Greece, and substantial and long-term financial contributions by the official and private sectors, will create the space needed to secure improvements in debt sustainability and competitiveness. These actions, together with a significant strengthening of the financial sector, will pave the way for a gradual resumption of economic growth.“
“The success of this strategy crucially depends on full and timely policy implementation by Greece and long-term support by euro area Member States. Recognising the sacrifice involved for the Greek people, the strategy will also aim to minimise the impact on the poorest and most vulnerable. I also welcome today's discussion on ensuring the adequacy of the European Financial Stability Facility (EFSF) and European Stability Mechanism (ESM), which will help bolster the firewall against financial contagion, catalyse efforts to enhance IMF resources, and help secure global stability for the benefit of all."