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IMF said this is a "quite possibly not sustainable" debt!

16 June 15 | Panagiotis Roumeliotis
Panagiotis Roumeliotis

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Antulio Richetta

Director IBI Group
If Greece’s partners continue to turn a blind eye on the country’s debt, this will be bad both for the country and the eurozone’s credibility, Panagiotis Roumeliotis, Greece’s former representative to the IMF, said in a public hearing before the "Debt Truth" Committee in the Greek Parliament on Monday.

 

Roumeliotis said that according to the IMF report, Greece’s debt was “quite possibly not sustainable” and so its board had to change its Statute to be able to fund the country.

“They made wrong calculations and overly optimistic estimations,” he told the committee, adding that “responsibility weighs not only on our country which didn’t do what should have been done, but also our partners.”

“If debt restructuring had taken place then [in May 2010], the ‘haircut’ needed would be just 30 pct … which would provide some breathing space to the Greek economy and wouldn’t require a violent fiscal adjustment,” he added.

In his opening statements, Roumeliotis said the IMF asked him to clarify he would express personal views at the Committee and that he’s not been authorized to disclose information which has not already been published.

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