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STORY: IMF / BRIEFING
TRT: 2.24
SOURCE: IMF
RESTRICTIONS: NONE
LANGUAGE: ENGLISH / NATS
DATELINE: 15 NOVEMBER 2012, WASHINGTON DC
1. Wide shot, IMF building in DC.
2. SOUNDBITE (English) William Murray, Deputy Spokesman, IMF:
“As we’ve been clear this week in saying, we want a real fix, not a short-term fix, a quick fix isn’t going to work right now; that critical to us is Greece’s debt sustainability. That means that by 2020 we want to see Greece’s debt at 120 percent of its gross domestic product. That’s where it stands.”
3. Wide shot, IMF seal on building wall.
4. SOUNDBITE (English) William Murray, Deputy Spokesman, IMF: “To fix Greece, to get Greece back on a path of growth and job creation because that’s ultimately you know, it’s not all about fiscal policy. It’s about getting back to growth and job creation. To get there you have to lower its debt-to-GDP ratio in a significant way and you’ve got to assure that it’s around 120 percent of GDP by 2020.”
5. Med shot, journalists listening.
6. SOUNDBITE (English) William Murray, Deputy Spokesman, IMF: “The point we want to make is that it is not all about austerity. It is about getting back to growth and to job creation. Many sacrifices have to be made and are being made by people throughout Europe and we’re very well aware of that. But that’s why it’s important to act expeditiously not just on fiscal policies, but on structural reforms and other important mechanisms that are going to help position Europe, a number of the countries mentioned here, position Europe for stronger growth and job creation over time”.
7. Med shot, journalists listening.
8. SOUNDBITE (English) William Murray, Deputy Spokesman, IMF: “A significant development is the fact that the discussions have now been initiated. That is heartening. But the bottom line is that action has to be taken. If there is no action -- and that means everybody. This is on both sides of the equation have to be ready to deal with the fiscal cliff, the debt ceiling. If it is not dealt with, we are talking about zero to negative growth in the United States and the spillover effects of that could be global spillover effects that could be very significant. So this is a significant challenge, both politically and economically, and our message is deal with it expeditiously.”
9. Wide shot, IMF Headquarters
During a regularly scheduled IMF briefing in Washington, the Deputy Spokesman Bill Murray said the IMF wanted real fix for Greece, not a short term fix.
He stressed that “To fix Greece, to get Greece back on a path of growth and job creation, you have to lower its debt-to-GDP ratio in a significant way and you’ve got to assure that it’s around 120 percent of GDP by 2020.”
Murray said the IMF knows about the sacrifices made by many, especially in southern European countries, but reiterated that the point the IMF wants to make is “that it is not all about austerity. It is about getting back to growth and to job creation. Many sacrifices have to be made and are being made by people throughout Europe and we’re very well aware of that. But that’s why it’s important to act expeditiously not just on fiscal policies, but on structural reforms and other important mechanisms.
On the fiscal cliff issue in the United States, Bill Murray took note there was a significant development is the fact that the discussions have now been initiated. But the bottom line, he said, is that action has to be taken. “If there is no action, if it is not dealt with, then we are talking about zero to negative growth in the United States and the global spillover effects of that could be very significant. So this is a significant challenge, both politically and economically, and our message is deal with it expeditiously.”
