IMF / GREECE ECB SPAIN

IMF spokesperson Gerry Rice said differences between Greece, the IMF, and European lenders are narrowing but no deal has yet been reached. IMF

• Categories: News & Features / News Stories / Unifeed
• Video Length: 00:02:22
• Production Date: 8 June 2017
• Asset Language: English
• Corporate Name: INTERNATIONAL MONETARY FUND - IMF
• Subject Topical: ECONOMIC CONDITIONS; FINANCIAL SITUATION
• Geographic Subject: EUROPE; GREECE; SPAIN
• MAMS Id: 1903940
• Parent Id: 1903940
• Alternate Title: unifeed170608e

Description

STORY: IMF / GREECE ECB SPAIN
TRT: 02:22
SOURCE: IMF
RESTRICTIONS: NONE
LANGUAGE: ENGLISH / NATS

DATELINE: 08 JUNE 2017, WASHINGTON DC

Shotlist

RECENT – WASHINGTON DC

1. Wide shot, IMF building exterior
2. Close up, IMF sign

08 JUNE 2017, WASHINGTON DC

3. Wide shot, Rice approaching the podium
4. SOUNDBITE (English) Gerry Rice, Spokesperson, International Monetary Fund (IMF):
“I would characterize the discussions as making progress. Differences are narrowing, but we are not there yet. So, we continue to work hard toward the goal of reaching an agreement, we hope, in Luxembourg next week on June the fifteenth. So I say all that because I want to emphasize that the IMF's primary object remains the full package of reforms plus debt relief. That’s our priority. That’s what we are working towards. If we can achieve that we would then be in a position to go to our board for outright approval of a programme.”
5. Med shot, reporter
6. SOUNDBITE (English) Gerry Rice, Spokesperson, International Monetary Fund (IMF):
“The ECB’s accommodative stance is improving credit conditions and supporting, affirming a recovery of output and inflation. We are reassured by the ECB’s continued commitment to ensuring a sustained adjustment in the path of inflation consistent with its medium-term price stability objective. And the ECB’s removal today of the possibility of further reductions to key policy interest rates reflects diminishing deflation risks while maintaining the commitment to very substantial monetary accommodation.”
7. Med shot, reporter
8. SOUNDBITE (English) Gerry Rice, Spokesperson, International Monetary Fund (IMF):
“We welcome the swift and coordinated action taken by the European Central Bank, the single resolution board, and the European Commission to dealing with Banco Popular. This removes a source of uncertainty in the Spanish banking system and Euro area financial markets more generally.”
9. Wide shot, Gerry Rice

Storyline

IMF spokesperson Gerry Rice said differences between Greece, the IMF, and European lenders are narrowing but no deal has yet been reached.

Speaking to reporters in Washington today (08 Jun), Rice said the discussions are “making progress, differences are narrowing, but we're not there yet" adding that the hope was an agreement could be reached by the June 15th Eurogroup meeting.

IMF said it continues to prefer that Greece’s lenders agree on a full package of policies and debt-relief measures to improve the Greek economy’s long-term improvement, allowing the IMF to approve a programme with outright disbursements. Rice noted, “The IMF's primary object remains the full package of reforms plus debt relief; that’s our priority.”

The IMF welcomed the decision by the ECB to keep interest rates unchanged, saying that the bank’s policies have strengthened a broad-based recovery in Europe. Gerry Rice said the ECB's removal today of the possibility of further reductions to key policy interest rates “reflects diminishing deflation risks while maintaining the commitment to very substantial monetary accommodation.”

Rice said the IMF also welcomed the “swift and coordinated” action to deal with Spain’s Banco Popular Español SA, which was purchased by Banco Santander SA after the ECB determined the bank was at risk of collapse. He said, “This removes a source of uncertainty in the Spanish banking system and Euro area financial markets more generally.”