World Economy

IMF Should Be Part of Greece Debt Talks

IMF Should Be Part of Greece Debt TalksIMF Should Be Part of Greece Debt Talks

Germany views the role of the International Monetary Fund (IMF) in negotiations over Greece’s reforms as completely necessary, a spokesman for the German finance ministry said.

“We believe it is absolutely essential that the IMF participates,” finance ministry spokesman Martin Jaeger told a regular government news conference, Reuters reported.

German mass daily Bild reported earlier that the European Commission was planning a special summit on Greece’s debt problems without the IMF.

A spokeswoman for the German government said no such summit was planned to her knowledge and she stressed talks with Greece must progress with all three institutions: the IMF, European Commission and the European Central Bank.

Meanwhile, Managing Director of the IMF Christine Lagarde didn’t allow much hope for a speedy bailout deal regarding Greece’s debt crisis, saying that there is a long way to go for Greece and its European lenders.

The head of IMF told reporters during a Brazilian central bank event in Rio de Janeiro: “I know there is a lot of work to be done. Parties are now working, receiving proposals, working in cooperation and we will continue to do so as fast as we can.” And she continued: “It has to be a comprehensive approach, not a quick and dirty job.”

Lagarde’s current comments came after European Commissioner for the Euro and Social Dialogue Valdis Dombrovskis, German Minister of Finance Wolfgang Schauble, Chancellor of Germany Angela Merkel, and Bundesbank chief Jens Weidmann made similar public statements Friday.