- Title: IMF:Greece needs work on economic data reporting
- Date: 8th February 2017
- Summary: WASHINGTON, D.C., UNITED STATES (FEBRUARY 8, 2017) (REUTERS) WIDE SHOT INTERNATIONAL MONETARY FUND MANAGING DIRECTOR CHRISTINE LAGARDE ON STAGE WITH MODERATOR (SOUNDBITE)(English) INTERNATIONAL MONETARY FUND MANAGING DIRECTOR CHRISTINE LAGARDE, SAYING: "We tried in full honesty to be those ruthless truth teller, and yes we are criticized occasionally. And I'm I'm sure that the Greek authorities didn't like some of the things that we said. But, we also acknowledged in that Article Four report the massive effort undertaken from the fiscal point of view by the Greek population, and the huge sacrifices that were made. We also acknowledged that some reforms were conducted. But, what is generally picked up by those is we do not like all of it, is the fact that we also said that some reforms were still to come -- were not completed -- had not yet delivered the benefits that were expected in order to unleash the forces of the Greek economy. And I think that both on the income tax reform, where too few people generally the wage earners are bearing the burden of taxation, and on the pension scheme, where clearly there has to be a double layer of social protection for the less privileged people and a pension system that actually holds sustainability, reforms are absolutely needed. And you know you can somebody can ask me the questions three times over. I will still say the same thing." MEDIUM SHOT OF PEOPLE IN THE AUDIENCE LAGARDE LEAVING STAGE
- Embargoed: 22nd February 2017 19:00
- Keywords: IMF Atlantic Council Lagarde transparency Atlantic Council
- Location: WASHINGTON, D.C., UNITED STATES
- City: WASHINGTON, D.C., UNITED STATES
- Country: USA
- Topics: Government/Politics
- Reuters ID: LVA00162NVAYV
- Aspect Ratio: 16:9
- Story Text: Greece still needs to improve its reporting of economic data but transparency issues are likely not the cause of differing views over Greece's debt sustainability, International Monetary Fund Managing Director Christine Lagarde said on Wednesday (February 8).
Lagarde, speaking at an event at the Atlantic Council in Washington, "Some reforms were still to come...had not yet delivered the benefits that were expected in order to unleash the forces of the Greek economy," she said.
The IMF chief said the Fund tried to be a "ruthless truth-teller" in its latest audit of Greece's economic policies released on Tuesday.
Greece's central bank is disputing the International Monetary Fund's view that the country's banks need a 10 billion-euro capital buffer to cover any further bailout support, saying the IMF does not explain why such support would be needed.
In an annual review of Greece's economic policies released on Tuesday, the IMF said that the buffer is needed because of remaining risks to banks' asset quality and a "still bleak" prospect for profitability.
It said that despite successive recapitalisations that pumped about 43 billion euros, equaling close to 25 percent of GDP to Greece's public debt since 2010, the banks' balance sheets remain vulnerable to high levels of bad loans.
Another IMF concern is that half of Greek banks' capital comprises so-called deferred tax assets, which it views as contingent liabilities of the state.
The Bank of Greece disputes this. It says the IMF is "unduly pessimistic" in its macroeconomic and fiscal projections and that it played down the progress achieved in the banking sector. - Copyright Holder: REUTERS
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