Deeds, no creeds in Greek acts crucial

International Monetary Fund Managing Director Christine Lagarde said Wednesday that she is focused more on how Greece acts than what people say about the reforms that creditors press for.

With Athens under pressure to implement more austerity reforms in return for a third EU-IMF bailout program, "what matters is at then end of the day what you do. So deeds, no creeds," Lagarde said in an online press conference.

"What will be critical in my view is what the Greek authorities are actually prepared to do, not... the political noise that is often a necessity."

In the runup to the current negotiations, Greek officials had demonized the IMF as "criminal" for pushing austere policies on the eurozone country during the failed first and second bailouts, and some had said they did not want the Fund to be part of any new rescue operation.

But European Union creditors have said the IMF's role is crucial for any new plan, and last week Athens formally requested a new loan program from the crisis lender.

Lagarde reiterated her view that any new plan requires significant restructuring of the country's debts by the European Commission and the European Central Bank, a view that now has been generally accepted by the creditors.
Source: AFP