The meeting between Finance Minister Gikas Hardouvelis and International Monetary Fund (IMF) Chief lasted 40 minutes on Sunday in Washington. The meeting started shortly after 8 p.m. (Greek time) and, according to sources, Ms. Lagarde said that the IMF is an aid to Greek efforts for economic recovery. An IMF announcement said that Ms. Lagarde noted the improvement to Greek finances and the brave reforms and commitments.

The conversation was dominated by Greece’s exit from the memorandum. A senior government source said that “discussions have started” and the “IMF is positive because it has contributed to this effort.”  The source added that the goal is to send a positive message to the markets.

On his part, Mr. Hardouvelis said:

“We had an interesting discussion. Ms. Lagarde congratulated us for the great progress our country has made over the last years. She recommended continuing the reforms adding that these reforms should be made in such a way that they become property of the Greek people and go on. We should not retreat. The International Monetary Fund will be a contributor to the Greek effort and to what we are going to succeed.”

Bank of Greece Governor Yannis Stournaras, advisor to the Prime Minister Stavros Papastavros, and Greece’s IMF representative Thanos Katsampas participate in the meeting as well as the head of the IMF’s European department Poul Thomsen and Jerry Rice, Director of the Communication Department.

Mr. Hardouvelis will travel from Washington to Luxembourg for Monday’s Eurogroup meeting.