Economics
IMF Pushes Europe for Formal Restructuring Accord on Greek Debt
- Euro area needs to commit to debt operation, IMF's Lipton says
- IMF needs more specifics on debt relief than it got in 2012
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Euro-area countries must commit to a formal restructuring of Greece’s debt before the International Monetary Fund will lend new money to the country, according to one of the IMF’s top officials.
Pledges to review Greece’s debt servicing won’t be enough unless they’re accompanied by specific terms for paring back the borrowing burden, David Lipton, the IMF’s first deputy managing director, said in an interview in Washington. Greece received an 86 billion-euro bailout in August from the 19-nation currency bloc, which now wants the IMF to provide further support.