Press Release No. 10/179

Press Release: IMF Managing Director Dominique Strauss-Kahn Welcomes European Central Bank's Actions Related to Greece

May 5, 2010

Mr. Dominique Strauss-Kahn, Managing Director of the International Monetary Fund (IMF), issued the following statement today regarding the European Central Bank’s recent actions related to Greece:

“We very much welcome the European Central Bank's announcement, in the context of Greece’s strong adjustment program, that it has decided to suspend the application of the minimum credit rating threshold in the collateral eligibility requirements for the purposes of the Euro system’s credit operations in the case of marketable debt instruments issued or guaranteed by the Greek government.

“This decision by the ECB will provide important support to the program by helping to maintain financial stability.”