Press Release No. 11/393

Press Release No. 11/393
November 2, 2011

Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement today in Cannes, France:

“I remain convinced that the agreement reached by the leaders of the Euro Area at their Summit last week, which includes a substantive reduction in Greece’s debt burden and additional financial support for a new ambitious program, will greatly benefit Greece by helping to restore growth and create jobs.

“I welcome the Prime Minister’s indication that the referendum which has been announced will take place as soon as possible so that the Euro Summit agreement can be implemented expeditiously.

“As soon as the referendum is completed, and all uncertainty removed, I will make a recommendation to the IMF Executive Board regarding the sixth tranche of our loan to support Greece’s economic program.”