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 IMF warns against pretending 'upayable debts' can be paid

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PostSubject: IMF warns against pretending 'upayable debts' can be paid   Fri Feb 24, 2017 10:23 pm

In a not-so-subtle jab at European officials and their dealings with Greece, the IMF on Thursday issued a warning against pretending that "unpayable debts" can be repaid.

In a blog written by the International Monetary Fund's chief Greece negotiator, its chief economist, and its general counsel, the fund rarely mentions the crisis-ridden country by name.

But the descriptions clearly fit Greece's current negotiations with its eurozone partners, which have been a source of months of conflict with the IMF.

The IMF repeatedly has said Greece's debt is not sustainable, and the country requires debt restructuring, but European governments, especially Germany, have resisted providing more debt relief and dispute the fund's analysis, instead calling for more economic policy steps.

The blog, by chief economist Maurice Obstfeld, European chief Poul Thomsen, and Sean Hagan, head of the legal department, warn of the dangers of not facing up to the debt situation.

"Pretending that unpayable debts can be repaid will only sap the effectiveness of the debtor?s adjustment efforts, ultimately making all parties lose more than if they had promptly faced the facts."
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IMF warns against pretending 'upayable debts' can be paid

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