Poul Thomsen: Debt relief after 2018

Poul Thomsen, the IMF’s Director of the European Department towed the line of German Finance Minister Wolfgang Schauble after the completion of the EuroGroup, late Monday, stressing that even though the measures passed by the Greek government were sufficient, a reliable program was necessary for a debt relief. Speaking to reporters in Brussels, Mr. Thomsen recognised that Greece had adopted a series of powerful measures that would enable a more friendly fiscal climate for investments in the country. “I am certain that it is a package of reforms that the IMF could back with a stand by arrangement”, he stressed, revealing that the Fund did participate in the technical staff deal. He clarified, however, that the IMF would make its final decision after the organisation’s board of directors had convened. “In order to achieve further progress a more relief package for the Greek debt was needed”, Mr. Thomsen said, adding however, that that point had yet to be reached, as the Fund believed a more detailed and specific approach was imperative. The IMF official concluded that any measures on a debt relief would be implemented after the completion of the current program in 2018.