Sunday, July 03, 2011

Greece MUST be adequately financed - IMF spokesman!

The following is from an IMF press briefing on 23rd June, linked here.

QUESTION: That's not my question. My question was what are you expecting from the Europeans before you move on on the financing? Does it have to be extremely formal and approved by heads of state, by the ECO -- group?

MR. HAWLEY: Let me tell you what it takes for the Fund's Executive Board to approve a program review. This is true of Greece and it's true of any program. The Board has to be satisfied that the program is on track and that it is adequately financed. That is a general condition and it applies in this case.

See our post below this for more of my comment and discussion!

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