IMF / GREECE

The IMF said Thursday that the goal of the program with Greece is to give Greece more time to return to growth. IMF

• Categories: News & Features / News Stories / Unifeed
• Video Length: 00:02:38
• Production Date: 23 February 2012
• Asset Language: Original
• Corporate Name: INTERNATIONAL MONETARY FUND - IMF
• Subject Topical: ECONOMIC CONDITIONS
• Geographic Subject: EUROPE
• MAMS Id: U120223c

Description

STORY: IMF / EUROPE
TRT: 2:38
SOURCE: IMF
RESTRICTIONS: NONE

DATELINE: 23 FEBRUARY, 2012 WASHINGTON, DC

Shotlist

WASHINGTON, DC – RECENT
1. Wide shot IMF
2.
WASHINGTON, DC – 23 FEBRUARY, 2012
3. SOUNDBITE (English) Gerry Rice, Director, External Relations, IMF:
“The intention here is to give Greece much more breathing space again, time to implement reforms, to get back to competitiveness, to get back to growth.”
4. Cutaway reporters
5. SOUNDBITE (English) Gerry Rice, Director, External Relations, IMF:
“If you look at the IMF’s financial commitment to Greece, it has been the single largest exposure to any country in the IMF’s history.”
6. Cutaway reporters
7. SOUNDBITE (English) Gerry Rice, Director, External Relations, IMF:
“This enhanced monitoring of the Italian economy as it was called is very much the government’s own initiative and it’s up to the government to decide the timing of that.”
8. Cutaway reporters
9. SOUNDBITE (English) Gerry Rice, Director, External Relations, IMF:
“Egypt’s economic situation remains challenging. Growth has stalled and this is hurting the Egyptian economy and the Egyptian people. In addition, foreign exchange reserves have dropped substantially, reducing the authorities’ margin to maintain macroeconomic stability. In this context, our discussions with the Egyptian authorities are ongoing, and we stand ready to support a homegrown program that contains the measures necessary to restore confidence, maintain economic stability and protect vulnerable households during the ongoing transition.”
10. Cutaway reporters
11.. SOUNDBITE (English) Gerry Rice, Director, External Relations, IMF:
“Our membership has encouraged us to explore options on increasing IMF resources. What we’ve said fairly consistently is that given where the global economy is we think we see the need to strengthen what’s been called the global financial firewall, and protect countries against the risk of contagion. Part of that firewall is an increase in IMF resources, which we’ve said would supplement the resources the European resources will come on the table.”

WASHINGTON, DC – RECENT

12.Med shot, IMF

Storyline

The International Monetary Fund said Thursday that the new program with Greece is a major step forward that will give Greece time to make the changes it needs to restore growth.

“The intention here is to give Greece much more breathing space again, time to implement reforms, to get back to competitiveness, to get back to growth,” IMF spokesman Gerry Rice said in the IMF’s regular briefing.

When asked if the IMF is stepping back from its involvement in Greece, Rice said that the agency remains very much engaged.

“If you look at the IMF’s financial commitment to Greece, it has been the single largest exposure to any country in the IMF’s history,” Rice said.

On Italy, Rice said that a team of economists will not go to Italy to evaluate the country’s economy until the Italians request it.

“This enhanced monitoring of the Italian economy as it was called is very much the government’s own initiative and it’s up to the government to decide the timing of that,” Rice said.

Turning to the Middle East, Rice says discussions with the Egyptian authorities are ongoing.

“Egypt’s economic situation remains challenging. Growth has stalled and this is hurting the Egyptian economy and the Egyptian people. In addition, foreign exchange reserves have dropped substantially, reducing the authorities’ margin to maintain macroeconomic stability. In this context, our discussions with the Egyptian authorities are ongoing, and we stand ready to support a homegrown program that contains the measures necessary to restore confidence, maintain economic stability and protect vulnerable households during the ongoing transition,” Rice said.

The G20 Ministerial meeting in Mexico City gets underway this weekend, and IMF resources are high on the agenda.

“Our membership has encouraged us to explore options on increasing IMF resources. What we’ve said fairly consistently is that given where the global economy is we think we see the need to strengthen what’s been called the global financial firewall, and protect countries against the risk of contagion. Part of that firewall is an increase in IMF resources, which we’ve said would supplement the resources the European resources will come on the table,” Rice said.