Lagarde: The weight of the crisis was borne by the lower and middle classes

An interview for “La Repubblica”

IMF Director Christine Lagarde gave an interview to seven European newspapers, one of which was Italian “La Repubblica”.

 

Lagarde stated that she is worried by the medium-term prospects of the Greek economy. She underlined that there is yet a lot of work to be done and a spirit of cooperation will need to be the prevailing force to drive reforms forward.

 

She underlines that she believes in Greek FinMin Varoufakis’ statements, that Greece will pay debts to its lenders. The Italian newspaper notes, at that point, that the interview took place last Tuesday, and on Thursday, Greece did indeed pay its 450 million euro tranche towards the IMF.

 

The head of the IMF also concluded by clarifying that she is particularly worried that the weight of the crisis was borne by the poor and the middle classes, and adds that the IMF attempted to change that fact by creating a system which transfers fiscal obligations to stock holders of financial organizations -such as banks- instead of the citizenry.