Keep IMF out, Greece tells Europe on talks eve
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Greece does not want any more help from the International Monetary Fund, minister of state Nikos Pappas said yesterday on the eve of a summit which could determine whether the country exits the eurozone.
鈥淚 am one of those who think that the IMF should not be in Europe. I hope we find a solution without its participation,鈥 Pappas, who is close to Prime Minister Alexis Tsipras, told the daily Ethnos yesterday.
He claimed that Europe 鈥渉as no need鈥 of the Washington-based institution, which has an 鈥渁genda which is not at all European鈥 and 鈥渃an continue without it and its money.鈥
The IMF was called in to help rescue Greece at the end of 2009 when the debt-plagued country could no longer borrow on international markets.
The EU鈥檚 involvement in the huge bailout, which was to provide 240 billion euro (US$ 272.53 billion) in loans in exchange for drastic austerity measures and reforms, runs out at the end of this month, but IMF support was to supposed to continue until March 2016.
Talks between Greece and its lenders have deadlocked for nine months over the payment of the next 7.2-billion euro tranche of the bailout, with talk also turning to an extension of the European help.
Differences of approach between the EU and the IMF have also dogged the discussions.
For the Greek government any extension of the bailout should be about kickstarting the country鈥檚 devastated economy and not further austerity. They also want its debt burden lightened. 鈥淭he agreement should be of a type and time-frame so that it would restore confidence,鈥 Pappas told Ethnos.
He set out Greece鈥檚 demands, which include the exchange of 27 billion euros of Greek debt held by the European Central Bank to be transferred to the eurozone鈥檚 crisis-fighting fund, the European Stability Mechanism 鈥 an idea first floated by Finance Minister Yanis Varoufakis 鈥 a restructuring of debt owed to the IMF, and an economic development program that would last until 2021.
But Athens proposals have already been knocked back by its creditors, who have insisted on their own mixture of cuts and reforms, which Pappas dismissed as 鈥渦nacceptable to whichever Greek political party鈥 was in power.
Tsipras will meet the leaders of the 18 other eurozone countries for a summit in Brussels today to try to find a way of preventing Greece finally defaulting on its debt repayments due at the end of the month.
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