{
  "title": "Transcript of a Press Briefing by Gerry Rice, Director, External Relations, International Monetary Fund",
  "publication": "IMF News, November 1, 2012",
  "sourceUrl": "https://www.imf.org/en/news/articles/2015/09/28/04/54/tr110112",
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  "summary": "Briefing date and location: November 1, 2012 — Washington, D.C.; briefing embargoed until 10:30 a.m.",
  "publishDate": "2012-11-01",
  "sections": [
    {
      "heading": "Announcements and schedule",
      "content": "- Briefing date and location: November 1, 2012 — Washington, D.C.; briefing embargoed until 10:30 a.m.\n- Upcoming engagements:\n  - Managing Director Christine Lagarde and First Deputy Managing Director David Lipton: G-20 meeting of finance ministers and central bank governors in Mexico City on November 4 and 5.\n  - Managing Director Lagarde: visits to Malaysia, the Philippines and Cambodia between November 14 and 20; attendance in Phnom Penh at the ASEAN Global Dialogue and the East Asia Summit.\n  - First Deputy Managing Director David Lipton: London later this month, including a speech at the London School of Economics focused on transformation in the Middle East.\n  - Jacques Polak Research Conference: November 8 and 9 at the Fund; theme “Labor Markets through the Lens of the Great Recession”.\n  - Regional Economic Outlook for the Middle East, North Africa and Central Asia launch: Dubai on November 11."
    },
    {
      "heading": "Greece — negotiations, program review, and debt sustainability",
      "content": "- Status:\n  - “Most policy issues between Greece and the European Commission, the European Central Bank and the IMF are being settled and staff level agreement on economic policies could come soon.”\n  - Completion of the first review under the Extended Fund Facility (EFF) requires understandings between Greece and its creditors on financing terms consistent with debt sustainability.\n- Four components under discussion:\n  - Fiscal reforms.\n  - Structural reforms (good progress appears to be made).\n  - Financing issues.\n  - Financing consistent with debt sustainability.\n- Financing specifics:\n  - IMF will not disclose numbers under discussion.\n  - Financing must be consistent with debt sustainability.\n  - The IMF is precluded by its mandate from reducing the interest rates on its loans.\n  - The existing Extended Fund Facility for Greece is “already at an extremely low interest rate and it's at the lowest that the IMF at the moment is capable of giving.”\n- Debt-reduction options:\n  - “There are many options to help reduce Greece's debt burden and they should be considered.”\n  - Bond buy-backs “could be useful if they were implemented in such a way to deliver a meaningful reduction.”\n  - Critical requirement: Greece's debt burden must be sustainable for program credibility.\n- Process and timeline:\n  - IMF staff completes its report and submits to the Executive Board; publication and review follow staff-level agreement on the review and financing package.\n  - No timeline provided; issues are “very complicated, difficult” and expeditious resolution is desired."
    },
    {
      "heading": "Lagarde List and tax compliance in Greece",
      "content": "- Core issue: equitable sharing of tax burden during adjustment; emphasis that “the better off, the well off, in Greek society pay their fair share.”\n- On the specific “Lagarde List” episode: it relates to a period before the current Managing Director’s tenure; IMF refers inquiries to the French finance ministry."
    },
    {
      "heading": "G-20 message and IMF agenda in Mexico City",
      "content": "- Expected messages:\n  - Reiteration of the Tokyo Annual Meetings’ concerns on the global economy and uncertainty weighing on growth and the need for policy action.\n  - Further discussion of global outlook, financial regulation, and the Global Financial Safety Net.\n  - Follow-up on strengthening IMF surveillance, the integrated surveillance decision, the external sector report, and the global policy agenda discussed in Tokyo and the IMFC.\n- IMF firepower:\n  - Tokyo outcomes increased IMF firepower from $456 billion to $461 billion.\n  - Tokyo also included pledges to strengthen the Poverty Reduction and Growth Trust to put IMF financing for low-income countries on a sustainable footing."
    },
    {
      "heading": "Egypt — loan discussions and IMF engagement",
      "content": "- IMF technical mission began negotiations with Egyptian authorities in Cairo this week on an economic reform program.\n- Details withheld while mission is in the field.\n- IMF stance: “The Fund stands ready to support Egypt and looks forward to working closely with the authorities on a program that addresses the country's economic challenges in a way that protects the vulnerable sectors of society.”"
    },
    {
      "heading": "Spain and Italy — banking, reforms, and possible assistance",
      "content": "- Spain:\n  - Decision whether to request further assistance is for the Spanish government to decide.\n  - IMF completed the first monitoring mission of the banking sector; main finding: “important progress has been made in reforming the financial sector in Spain” and “it’s important to maintain that momentum.”\n  - IMF supports Spain’s reforms and emphasizes implementation as key.\n- Italy:\n  - Measures announced by the Italian government are “headed in the right direction” to overcome difficulties, restore growth and bring back employment; implementation is key.\n- IMF participation in any European assistance:\n  - IMF involvement requires a formal request; participation modalities would be worked out at the appropriate time.\n  - IMF “stands ready to support within our frameworks and again contingent on country requests.”"
    },
    {
      "heading": "Hungary — program negotiations and prerequisites for resumption",
      "content": "- No mission currently planned; no date for resumption of talks.\n- Meaningful progress requires:\n  - Clear indication from Hungarian authorities that they see the IMF and the E.C. as valuable partners.\n  - Clear commitment to policies that ensure balanced fiscal adjustment and promote growth.\n- IMF has worked jointly with the E.U. in Hungary, including a joint E.U.-IMF mission in July; IMF maintains independent analysis and advice."
    },
    {
      "heading": "Ukraine — engagement and program modality",
      "content": "- Authorities have expressed interest in resuming a program relationship with the Fund.\n- Specific modalities and conditions have not yet been discussed.\n- IMF engagement awaits the new government following the recent election."
    },
    {
      "heading": "Cyprus — status of talks and follow-up mission",
      "content": "- IMF and the European Commission received counterproposals from Cypriot authorities on several policy issues; these are under analysis and discussion with Cypriot authorities and European partners.\n- A follow-up mission to Cyprus is expected soon; dates have not been set."
    },
    {
      "heading": "Mexico — Flexible Credit Line (FCL)",
      "content": "- IMF has taken note of recent Mexican statements regarding renewal of the FCL.\n- Any renewal would be considered by the IMF’s Executive Board should a formal request be made."
    },
    {
      "heading": "Portugal — recent review",
      "content": "- IMF completed the fifth review of Portugal last week; further details and Q&A are available in the press release and conference call transcript referenced by the Fund.\n\nTranscript of a Press Briefing by Gerry Rice, Director, External Relations, International Monetary Fund — November 1, 2012\n\n---\n\n\n References\n\n- Cyprus and the IMF\n- Arab Republic of Egypt and the IMF\n- Spain and the IMF\n- Greece and the IMF\n- Hungary and the IMF\n- Italy and the IMF\n- Mexico and the IMF\n- Portugal and the IMF\n- Ukraine and the IMF\n- Transcripts\n- Gerry Rice\n- PRESS CENTER\n- Webcast\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2015/09/28/04/54/tr110112"
    }
  ],
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    "Published: November 1, 2012",
    "Briefing date and location: November 1, 2012 — Washington, D.C.; briefing embargoed until 10:30 a.m.",
    "Upcoming engagements:",
    "Status:",
    "Four components under discussion:",
    "Financing specifics:",
    "Debt-reduction options:",
    "Process and timeline:",
    "Core issue: equitable sharing of tax burden during adjustment; emphasis that “the better off, the well off, in Greek society pay their fair share.”",
    "On the specific “Lagarde List” episode: it relates to a period before the current Managing Director’s tenure; IMF refers inquiries to the French finance ministry.",
    "Expected messages:",
    "IMF firepower:",
    "IMF technical mission began negotiations with Egyptian authorities in Cairo this week on an economic reform program.",
    "Details withheld while mission is in the field.",
    "IMF stance: “The Fund stands ready to support Egypt and looks forward to working closely with the authorities on a program that addresses the country's economic challenges in a way that protects the vulnerable sectors of society.”",
    "Spain:",
    "Italy:",
    "IMF participation in any European assistance:",
    "No mission currently planned; no date for resumption of talks.",
    "Meaningful progress requires:",
    "IMF has worked jointly with the E.U. in Hungary, including a joint E.U.-IMF mission in July; IMF maintains independent analysis and advice.",
    "Authorities have expressed interest in resuming a program relationship with the Fund.",
    "Specific modalities and conditions have not yet been discussed.",
    "IMF engagement awaits the new government following the recent election.",
    "IMF and the European Commission received counterproposals from Cypriot authorities on several policy issues; these are under analysis and discussion with Cypriot authorities and European partners.",
    "A follow-up mission to Cyprus is expected soon; dates have not been set.",
    "IMF has taken note of recent Mexican statements regarding renewal of the FCL.",
    "Any renewal would be considered by the IMF’s Executive Board should a formal request be made.",
    "IMF completed the fifth review of Portugal last week; further details and Q&A are available in the press release and conference call transcript referenced by the Fund.",
    "[Cyprus and the IMF](http://www.imf.org/external/country/CYP/index.htm)",
    "[Arab Republic of Egypt and the IMF](http://www.imf.org/external/country/EGY/index.htm)",
    "[Spain and the IMF](http://www.imf.org/external/country/ESP/index.htm)",
    "[Greece and the IMF](http://www.imf.org/external/country/GRC/index.htm)",
    "[Hungary and the IMF](http://www.imf.org/external/country/HUN/index.htm)",
    "[Italy and the IMF](http://www.imf.org/external/country/ITA/index.htm)",
    "[Mexico and the IMF](http://www.imf.org/external/country/MEX/index.htm)",
    "[Portugal and the IMF](http://www.imf.org/external/country/PRT/index.htm)",
    "[Ukraine and the IMF](http://www.imf.org/external/country/UKR/index.htm)",
    "[Transcripts](https://www.imf.org/en/news/searchnews)",
    "[Gerry Rice](https://www.imf.org/external/np/bio/eng/gr.htm)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[Webcast](https://www.imf.org/external/mmedia/view.aspx?vid=1939158046001)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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