A restructuring of the Greek debt is essential for the sustainability of the third Greek aid plan. This was reiterated by the managing director of the Monetary Fund, Christine Lagarde, to the microphones of the French radio Europe 1. A restructuring of which at the moment we do not know "neither the amount nor the modalities".
Greek debt restructuring is a condition for IMF participation in the bailout plan. "For our participation we need a comprehensive plan from our point of view." On the modalities, avoiding the haircut, Lagarde indicates “a considerable lengthening of deadlines and of the grace period” as well as "to reduce interest as much as possible to make the debt sustainable".
The non-participation of the IMF in the first tranche of aid destined for Athens had been also confirmed yesterday by the German Finance Minister Wolfgang Schaeuble, in the letter addressed to the German Parliament, which vote yes today to the aid package.
