Lagarde says Greek deal should be 'rooted in reality'



Reuters

Published — Saturday 17 November 2012

Last update 18 November 2012 2:12 am

| نسخة PDF Print News | A A

MANILA: An agreement among Greece's international creditors on reducing its large debt pile should be "rooted in reality and not in wishful thinking," the head of the International Monetary Fund said ahead of a tense meeting with European leaders.
Cutting short a visit to Asia to attend a Eurogroup meeting on Tuesday in Brussels, Christine Lagarde, the IMF's managing director, told Reuters it was important that an agreement provide a lasting solution to Greece's debt to avoid prolonged uncertainty and further damage to the Greek economy.
"I am always trying to be constructive but I am driven by two objectives," she said in an interview, "to build and approve a program for Greece that is solid, that is convincing today, that will be sustainable tomorrow, that is rooted in reality and not in wishful thinking.
"The second objective is to maintain the integrity, credibility and quality of advice that we are giving, not for the Fund itself, which obviously is a concern of mine, but to lend that to the Europeans because that is what they are interested in," she said late yesterday.
The IMF and euro zone governments are at loggerheads over how to reduce Greece's massive debt load, which is holding up the release of 31 billion euros in emergency loans to Athens.

What's happening around Saudi Arabia

JEDDAH: A Saudi citizen was killed in shelling fired across the border from Yemen into the southwest of Saudi Arabia on Sunday, local media reported.A shell fell on a house around dawn in Najran province, civil defense department spokesman Ali bin Om...
JEDDAH: Female voters in Al-Ahsa have urged the authorities handling the municipal elections to drop the condition of presenting the national identity card while enrolling themselves in the voters’ list. Some women in Madinah too have appealed for mo...
JEDDAH: After the recent incident of a rat eating from a bowl at a well-known food outlet in a Jeddah mall came to light, residents have called for food hygiene ratings of restaurants and roadside eateries across the city.Although the municipality wo...
JEDDAH: A muezzin (one who recites the Adhaan) of a Riyadh mosque recently sprung a surprise in the Austrian tourist town of Zell am See by his Adhaan after taking permission from members of a musical band.Social media is abuzz with the news and vide...
RIYADH: A Sri Lankan national, who works as a cleaner in the Kingdom, was commended and rewarded by the Saudi Commission for Tourism and National Heritage (SCTNH) for returning a bag containing gold to its owner.“Prince Sultan bin Salman, president o...
RIYADH: Bangladesh State Minister for Foreign Affairs Mohammed Shahriar Alam arrived in Jeddah on Sunday to meet with his Saudi counterpart Nizar Madani on Monday.On arrival at the royal terminal, the minister was received by Director General of the...
RIYADH: A report of the Saudi Commission for Tourism and National Heritage predicts the rate of growth in job opportunities in the country's tourism sector between 2010 and 2020 will be 10 percent a year as compared to a global growth rate of 2.5 per...
JEDDAH: Two million meningitis vaccines have been distributed among health centers in 20 governorates and provinces across the Kingdom for domestic Haj pilgrims.It is mandatory for all pilgrims to be vaccinated against meningitis and for those coming...
RIYADH: Some 1,500 certified documents with proper identity are issued on average to Yemenis from the Jazan region daily. More than 400,000 Yemenis have corrected their residency status from all parts of the Kingdom.The announcement was made during a...
JEDDAH: The Makkah governorate has announced four new road projects linking Makkah and Jeddah. The new roads will facilitate smoother and faster travel between the cities.An estimated 35 million people will benefit from the projects, which will inclu...
JEDDAH: A major disaster is waiting to happen in the fish market of Madinah because of the callous attitude of traders toward handling of gas cylinders. A visit to the market presents a dreadful picture of cylinders kept on top of each other without...
JEDDAH: Information and Culture Minister Adel Al-Toraifi has approved the appointment of Khalid Bo-Ali as editor in chief of the Eastern Province-based Alsharq Arabic newspaper. He was nominated for the post by the board of directors of the newspaper...
JEDDAH: Jamil Farsi, head of the Gold and Jewelry Committee at the Jeddah Chamber of Commerce and Industry (JCCI), says he expects 3,000 job opportunities to be created for Saudi women in the jewelry design and gold sector across the Kingdom, with ab...
JEDDAH: More than 50 visually challenged people successfully performed Umrah with the help of the Ebsar Foundation for the Visually Impaired and the Ambassadors of Volunteers organization under their program “Umrah for the visually impaired,” which w...
JEDDAH: Although the Ministry of Labor is opening its doors to receive complaints from private sector employees, many Saudi females employed in cosmetic and perfume shops in Madinah are not making complaints about being overworked due to fear of losi...

Stay Connected

Facebook