Press Release No. 11/289

Press Release: Statement by IMF Managing Director Christine Lagarde on the Eurozone Leaders' Summit

July 21, 2011

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

“The IMF welcomes the important steps taken today by the leaders of the eurozone and the EU institutions. These measures provide significant support to growth and financial stability in Greece and in the eurozone.

“In particular, we strongly welcome the more favourable financing terms being provided by euro member states and their commitment to provide support to countries under programs until they have regained market access, provided they successfully implement those programs. We are also encouraged by the willingness of the private sector to support Greece on a voluntary basis. Taken together these measures will help to restore growth, improve Greece's debt sustainability, and provide the basis for a return to market access.

“Based on strong implementation of the program by the Greek authorities, and the determination by member states to support Greece, the IMF will continue to play its part in line with Fund policies and, of course, subject to the approval by our Executive Board.

“More broadly, we support the comprehensive steps taken today to strengthen the flexibility of the European Financial Stability Facility. Implementation is a matter of urgency. We also support the measures to strengthen fiscal consolidation and growth across the euro area. We look forward to the rapid finalization of the legislative package on the strengthening of economic governance.

“Again, the Fund welcomes today's decisions which, we believe, will have a positive impact not just for Greece and for Europe, but also for the global economy at large.”