Saturday, January 30, 2016

IMF facilitates loans to Greece – FAZ – Frankfurter Allgemeine Zeitung

Farmers protest against the reforms in Greece.

The International Monetary Fund (IMF) sets about defining new rules for lending to crisis countries such as Greece. In future it will be easier to forgive rescue loans. If countries are heavily indebted, will no longer be as before to force a restructuring of the loans of the IMF. Instead, the maturities of short-term debt could be extended in the future, said the IMF in Washington.

In particular, the aid loans in Greece have repeatedly come up with the rules of the International Monetary Fund in conflict. Too big Greek debt to slow the progress in debt reduction were – in summer IMF staff threatened repeatedly: Greece could not bear his debt, new loans spend it by the IMF only if the other creditors waived in effect on money – even Germany .

These negotiations led to the fact that Greece debt relief were promised, as soon as the next reforms are decided. It is all about cuts hardly affordable pensions. But the reforms in Greece delayed, the resistor is hard – now even Greece’s finance minister Tsakalotos expects that the reforms be adopted only in April. But until then, a new would run the old IMF program, to be decided – and that could come into conflict with the old rules

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The current IMF reform refers however not officially on the Greece-hassle out of summer. In the IMF’s Communication states, employees have worked out the reform already over the past few years. They have learned from the first lending in 2010.

The result will help but also in the forthcoming negotiations to Greece. Under the new rules, the IMF can also give money when other creditors cottages also have enough money borrow. Then, the IMF expects the future on the assumption that the country comes back to his feet and he gets his money back.

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