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GREECE HAS A new Prime Minister and speculation is rife about what course the country will take.
One group that says it will continue to support the country is the International Monetary Fund (IMF).
Today the IMF said it is prepared to continue its financial support of Greece, a day after an election swept in the leftist, anti-austerity party Syriza.
Support
IMF Managing Director Christine Lagarde said in a brief statement:
We stand ready to continue supporting Greece, and look forward to discussions with the new government.
The IMF has been a partner with the European Union in a multi-billion euro financial rescue of Greece since 2010.
The opposition Syriza, which won a resounding victory in Sunday’s general election, opposes the austerity program Greece accepted in exchange for the bailout, and plans to renegotiate the deal, including a possible renegotiation of the country’s debt.
Newly elected Greek Prime Minister Alexis Tsipras will govern in a coalition with the nationalist Independent Greeks party after securing 149 seats in the election, two short of the required majority in the 300-seat parliament.
Tsipras’s first priority will be to deliver on his pledge to renegotiate the terms of the country’s massive €240-billion EU-IMF bailout despite universal opposition from Greece’s European allies.
Syriza mandate
Syriza pledges to raise salaries and pensions, halt lay-offs and freeze the privatisation of state assets, reversing key reforms demanded by the IMF-EU creditors.
Sunday’s poll was Greece’s fourth in five turbulent years. During that time the economy has shrunk by a quarter and unemployment has soared beyond 25 percent.
In late December the IMF suspended talks on a new disbursement of financial aid to Greece until the new government was formed after the January elections.
IMF spokesman Gerry Rice said that the holdup in the program would not impact the country’s finances in the short term. “Greece faces no immediate financing needs,” he said.
The sixth review of the IMF’s four-year, $35 billion loan program for Greece, aims at ensuring the government is meeting particular budget and reform targets before releasing a new tranche of the loan.
@Peter Cavey: U don’t like those in need too? FF as bad as they are will stop your hero having his extreme right wing way or FF be where Labour liers are now.
@Bilbo Baggins: 660,000 suffering in pain on hospital waiting lists and homelessness growing by thousands every year is extreme right wing economic policies as they want only private hospitals and housing hence only people with health insurance get timely medical care and they won’t build any social housing but sell off everything for nothing to vulture funds and tax breaks to Apple etc and Seany still not accountable cos they messed up case. All that along with bondholders and now AIB shares used to pay private bank debts is right wing extreme economics.
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