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Greek crisis: IMF urges Europe to provide 'significant' debt relief following new bailout agreement | Greek crisis: IMF urges Europe to provide 'significant' debt relief following new bailout agreement |
(5 months later) | |
Greece's "European partners" still need to provide the country with significant debt relief following its approval of a new bailout deal, the International Monetary Fund (IMF) has warned. | Greece's "European partners" still need to provide the country with significant debt relief following its approval of a new bailout deal, the International Monetary Fund (IMF) has warned. |
The IMF's managing director, Christine Lagarde, said Europe would need to help the debt-ridden country further to put its finances on a sustainable path. | The IMF's managing director, Christine Lagarde, said Europe would need to help the debt-ridden country further to put its finances on a sustainable path. |
Under the new bailout deal, Greece will receive £61bn in loans for the next three years in return for implementing tax rises and spending cuts. | Under the new bailout deal, Greece will receive £61bn in loans for the next three years in return for implementing tax rises and spending cuts. |
Mrs Lagarde said the country would need more help from EU member states, "well beyond what has been considered so far". | Mrs Lagarde said the country would need more help from EU member states, "well beyond what has been considered so far". |
“I remain firmly of the view that Greece’s debt has become unsustainable and that Greece cannot restore debt sustainability solely through actions on its own," she said. | “I remain firmly of the view that Greece’s debt has become unsustainable and that Greece cannot restore debt sustainability solely through actions on its own," she said. |
"Thus, it is equally critical for medium- and long-term debt sustainability that Greece's European partners make concrete commitments." | "Thus, it is equally critical for medium- and long-term debt sustainability that Greece's European partners make concrete commitments." |
Referring to the latest bailout package, Mrs Lagarde said she had welcomed "efforts to overcome the serious loss of confidence in recent months through strong upfront actions". | |
But the latest bailout deal has created more uncertainty for Greek Prime Minister Alexis Tsipras’ leadership. | But the latest bailout deal has created more uncertainty for Greek Prime Minister Alexis Tsipras’ leadership. |
A significant number of MPs from his ruling left-wing Syriza party voted against the measures, including ex-finance minister Yannis Varoufakis. | A significant number of MPs from his ruling left-wing Syriza party voted against the measures, including ex-finance minister Yannis Varoufakis. |
The bailout was only passed with the support of opposition parties. | The bailout was only passed with the support of opposition parties. |
In total, 222 MPs supported the deal, 64 opposed, and 11 abstained. | In total, 222 MPs supported the deal, 64 opposed, and 11 abstained. |
Last month, the Greek people voted 'no' in a referendum asking them whether they would be willing to accept more austerity measures from the EU, European Central Bank, and IMF in return for a bailout deal which would stave off a financial collapse. | Last month, the Greek people voted 'no' in a referendum asking them whether they would be willing to accept more austerity measures from the EU, European Central Bank, and IMF in return for a bailout deal which would stave off a financial collapse. |
Germany’s parliament will decide on whether to approve the new bailout deal on Wednesday. | Germany’s parliament will decide on whether to approve the new bailout deal on Wednesday. |
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