IMF Response to David Marsh commentary, published by

August 7, 2015

August 7, 2015

Gerry Rice; Communications Director, IMF
As published in The Business Times on August 6, 2015


David Marsh’s opinion piece (8/4/15) on the IMF and Greece is badly misinformed and off the mark. He asserts that three times in July “the IMF staff has disavowed its management” yet he provides no factual basis for his assertion. The three occasions to which he seems to be referring are the public release of the IMF’s debt sustainability analyses (July 2 and 14) and the Euro Summit (July 13). In all three instances, the position of IMF staff and management was entirely consistent and, in fact, the staff debt sustainability analyses were published under management’s direction.

IMF staff and management have stated repeatedly that an effective solution to the challenges facing Greece requires necessary reforms from the Greek authorities supported by necessary financing and debt relief from the European partners, and the IMF’s participation in further support for Greece would be predicated on those two factors. Mr. Marsh’s contention that this very clear position taken by the IMF—including public statements from the Managing Director and our Chief Economist, Olivier Blanchard—was somehow later “rejected” due to “fissures” between staff and management is simply not true. Furthermore, it indicates a surprisingly low level of knowledge of how the IMF works.


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