IMF Director Christine Lagarde said the Fund’s board had in principle agreed to approve a “stand by loan” based on specific data. In an interview with Italian newspaper “Il Sole 24 Ore”, Mrs. Lagarde argued that Greece needed a debt restructuring for the country’s economy to become sustainable.
“We have a very clear position: based on specific elements, the IMF board has approved the agreement for a stand-by loan ‘in principle’. The key is that debt restructuring is needed so that the future of the Greek economy can be sustainable”, she said speaking to the Italian newspaper.
“The assessment at the technical staff level, which has just been completed, sets out a series of actions and benchmarks that need to be met. We have to deal with them so that we can move forward. In my forecast, this can happen at the beginning of the new year. “