## Statement by IMF Managing Director Christine Lagarde on Greece

_IMF News, June 22, 2018_

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**Canonical URL:** [Statement by IMF Managing Director Christine Lagarde on Greece](https://www.imf.org/en/news/articles/2018/06/21/pr18252-statement-by-imf-managing-director-christine-lagarde-on-greece)

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## Bibliographic details
- Published: June 22, 2018

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### Summary of the statement
- Date: June 21, 2018
- Press Release No. 18/252
- Key message: Commends Greece and its European partners on the completion of the fourth and final review under the European Stability Mechanism (ESM) program.
- Core outcome highlighted: "The additional debt relief measures announced today will mitigate Greece’s medium-term refinancing risks and improve its medium-term debt prospects."

### Debt relief, risks, and safeguards
- Findings and assessments:
  - Completion of the fourth and final review under the ESM program.
  - Additional debt relief measures will mitigate Greece’s medium-term refinancing risks.
  - Additional debt relief measures will improve Greece’s medium-term debt prospects.
  - These results are described as "very welcome" and characterized as beneficial for both Greece and the euro area.
- Safeguards and conditionality:
  - The IMF "take[s] note of the commitment by Greece’s European partners to keep debt sustainability under review and to take additional debt relief measures if needed."
  - Such additional measures "would provide important safeguards if the more optimistic long-run macroeconomic assumptions of the European institutions were not realized."

### IMF engagement and next steps
- Planned IMF actions:
  - The IMF "will examine the sustainability of Greece’s debt in the course of our upcoming Article IV Consultation with Greece, which starts next week."
  - The IMF notes that "time has clearly run out to enter into a Stand-by Arrangement."
  - The IMF will "remain fully engaged in supporting Greece in sustaining its economic recovery and achieving more robust growth in the post-program period."
  - IMF engagement will include post-program monitoring, with precedent in "other similar cases, notably Cyprus, Ireland and Portugal."

### Press and media contact
- Office: IMF Communications Department, MEDIA RELATIONS
- PRESS OFFICER: Andreas Adriano
- Phone: +1 202 623-7100
- Email: MEDIA@IMF.org

*Statement by IMF Managing Director Christine Lagarde on Greece — June 21, 2018*

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## References

- [Christine Lagarde](https://www.imf.org/en/About/senior-officials/Bios/christine-lagarde)
- [Cyprus and the IMF](http://www.imf.org/external/country/CYP/index.htm)
- [Greece and the IMF](http://www.imf.org/external/country/GRC/index.htm)
- [Ireland and the IMF](http://www.imf.org/external/country/IRL/index.htm)
- [Luxembourg and the IMF](http://www.imf.org/external/country/LUX/index.htm)
- [Press Releases](https://www.imf.org/en/news/searchnews)
- [PRESS CENTER](http://presscenter.imf.org/)
- [https://www.imf.org/en/home](https://www.imf.org/en/home)

_Source: https://www.imf.org/en/news/articles/2018/06/21/pr18252-statement-by-imf-managing-director-christine-lagarde-on-greece_