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15 May 2015
IMF: Progress in process but not in substance related to Greece talks – TradeTheNews
FXStreet (Barcelona) - The TradeTheNews Team shares the key developments surrounding Greece – IMF Thomsen’s view on Greece debt talks, and Greek FM Varoufakis’ comment on ECB.
Key Quotes
“IMF's Thomsen stated that he saw mostly progress in process but not in substance in talks related to Greece. The situation was far from ideal. IMF had not reached conclusions on Greek debt relief; did not press Eurogroup meeting in Riga last month to restructure Greece's debt. IMF was willing to agree to lower primary surplus target but will create additional financing needs. IMF officials had no access to ministers, has no clear view of Greece's liquidity situation”
“Greece Fin Min Varoufakis: ECB doesn't help Greece because it fears the hardliners in Germany (**Insight: ECB has stated numerous times that it could only help banks with liquidity not countries and that only solvent banks can receive ELA assistance)”
Key Quotes
“IMF's Thomsen stated that he saw mostly progress in process but not in substance in talks related to Greece. The situation was far from ideal. IMF had not reached conclusions on Greek debt relief; did not press Eurogroup meeting in Riga last month to restructure Greece's debt. IMF was willing to agree to lower primary surplus target but will create additional financing needs. IMF officials had no access to ministers, has no clear view of Greece's liquidity situation”
“Greece Fin Min Varoufakis: ECB doesn't help Greece because it fears the hardliners in Germany (**Insight: ECB has stated numerous times that it could only help banks with liquidity not countries and that only solvent banks can receive ELA assistance)”