Report: IMF pressuring Greece to restructure debt

Spiegel is reporting that the International Monetary Fund is now encouraging Greece to restructure its debt: The International Monetary Fund (IMF) doubts that current measures to rescue cash-strapped Greece will be successful and is now privately pushing the country to swiftly restructure its debts, SPIEGEL has learned. High-level representatives from the IMF pushed for a ...

By , a professor at Indiana University’s Hamilton Lugar School of Global and International Studies.

Spiegel is reporting that the International Monetary Fund is now encouraging Greece to restructure its debt:

Spiegel is reporting that the International Monetary Fund is now encouraging Greece to restructure its debt:

The International Monetary Fund (IMF) doubts that current measures to rescue cash-strapped Greece will be successful and is now privately pushing the country to swiftly restructure its debts, SPIEGEL has learned. High-level representatives from the IMF pushed for a restructuring during recent discussions with delegates from European governments, according to information obtained by the magazine.

The demands represent a change of course for the IMF, which had previously opposed the idea of debt restructuring for Greece. The organization clearly no longer believes that the current measures will be enough to sort out the debt-stricken country’s finances.

The IMF and the Greek authorities adamantly deny the report. An EU/IMF delegation arrives in Greece this week to talk about the country’s austerity program, amidst reports that its 2010 deficit was significantly larger than first thought.

David Bosco is a professor at Indiana University’s Hamilton Lugar School of Global and International Studies. He is the author of The Poseidon Project: The Struggle to Govern the World’s Oceans. Twitter: @multilateralist

Tag: IMF

More from Foreign Policy

Newspapers in Tehran feature on their front page news about the China-brokered deal between Iran and Saudi Arabia to restore ties, signed in Beijing the previous day, on March, 11 2023.
Newspapers in Tehran feature on their front page news about the China-brokered deal between Iran and Saudi Arabia to restore ties, signed in Beijing the previous day, on March, 11 2023.

Saudi-Iranian Détente Is a Wake-Up Call for America

The peace plan is a big deal—and it’s no accident that China brokered it.

Austin and Gallant stand at podiums side by side next to each others' national flags.
Austin and Gallant stand at podiums side by side next to each others' national flags.

The U.S.-Israel Relationship No Longer Makes Sense

If Israel and its supporters want the country to continue receiving U.S. largesse, they will need to come up with a new narrative.

Russian President Vladimir Putin lays flowers at the Moscow Kremlin Wall in the Alexander Garden during an event marking Defender of the Fatherland Day in Moscow.
Russian President Vladimir Putin lays flowers at the Moscow Kremlin Wall in the Alexander Garden during an event marking Defender of the Fatherland Day in Moscow.

Putin Is Trapped in the Sunk-Cost Fallacy of War

Moscow is grasping for meaning in a meaningless invasion.

An Iranian man holds a newspaper reporting the China-brokered deal between Iran and Saudi Arabia to restore ties, in Tehran on March 11.
An Iranian man holds a newspaper reporting the China-brokered deal between Iran and Saudi Arabia to restore ties, in Tehran on March 11.

How China’s Saudi-Iran Deal Can Serve U.S. Interests

And why there’s less to Beijing’s diplomatic breakthrough than meets the eye.