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The euro area and the International Monetary Fund stated that Greece is assured of sufficient international support next month as long as the country presses ahead with its economic-overhaul program.
Jeroen Dijsselbloem, Dutch head of the group of euro-area finance ministers, said European and IMF experts intend to wrap up their latest review of Greece’s budget-cutting progress in July. The austerity is a condition for fresh payouts of aid under a 130 billion-euro ($172 billion) program.
‘Financing Problems’
“The priority remains for the Greek authorities to deliver on the program quickly,” Gerry Rice, an IMF spokesman in Washington, said in a statement yesterday. “If the review is completed by the end of July, as expected, no financing problems will arise because the program is financed till end-July 2014.”
Greek Finance Minister Yannis Stournaras told reporters in Luxembourg yesterday that the government in Athens must push ahead with plans to shrink the public-sector workforce in order to win an 8.1 billion-euro payout for July. He said the sum could carry Greece until early 2014.
Dijsselbloem said the failure of euro-area central banks to roll over Greek debt held in their investment portfolios poses no immediate funding problem for the government in Athens. He said a solution would eventually have to be found to the issue.
“There are various solutions for that,” Dijsselbloem said. “That does not slam an immediate hole in the financing program.”
