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IMF Says Implementation Is Key for Greek Payment to Go Through

The main challenge for a disbursement under a Greek bailout package is the implementation of measures agreed to by Greece and finance ministers of the euro region, including a buyback of Greek bonds, an International Monetary Fund spokesman said.

“We believe this is a significant and concrete package that can put Greece’s debt back on a sustainable path,” IMF spokesman Gerry Rice told reporters in Washington today. “We have welcomed this but of course its success requires both Greece and the European partners to fully implement their commitments.”

Rice said IMF Managing Director Christine Lagarde would be in a position to recommend a disbursement of the Greek loan if the debt buyback is implemented. He declined to say what the IMF would consider a successful completion of the bond buyback.

Rice said that the IMF expects the bond buybacks to be completed by Dec. 13.

To contact the reporter on this story: Sandrine Rastello in Washington at srastello@bloomberg.net

To contact the editor responsible for this story: Chris Wellisz at cwellisz@bloomberg.net

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