Financial News: IMF supports extension of Greek loan repayment period

The International Monetary Fund does not retain mechanism to offer loans extending more than 10 years, Caroline Atkinson, head of foreign relations, told reporters here on Thursday.

The IMF official reiterated the fund’s intention to extend the repayment period for Greece’s 110-billion-euro loans and stressed that interest rates were set according to market conditions at specific times.

“It is important to have a full plan to deal with European problems,” Atkinson said, while she underlined the significance of a permanent fund mechanism.

Commenting on European bank stress tests she said they should not only be transparent but also have a plan to offer the necessary capital liquidity after completion of the tests.

The IMF official underlined the significance of fiscal consolidation measures implemented by countries with debt problems and of structural reforms needed to achieve economic growth. The problem of debt is finally the one side of a general growth problem, like in Greece’s case.

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