IMF and EU lock horns as Greece given debt extension

clock

A conflict erupted between the IMF and European Union last night as it was announced Greece would receive a two year extension to meet its debt reduction target.

Christine Lagarde, managing director of the IMF, publicly clashed with eurozone finance ministers over a critical target for reducing Greek debt levels, the Telegraph reports.  Jean-Claude Juncker, president of the Eurogroup of finance ministers, announced Greece would be given an extra two years to meet its debt reduction target of 120% of GDP by 2022 instead of 2020. However, Lagarde was seen to shake her head and roll her eyes at the announcement that breaches the fund's condition Greek debt must become sustainable by 2020, the Telegraph reports. "We clearly have different vie...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Europe

BNP Paribas Cardif completes AXA IM takeover

BNP Paribas Cardif completes AXA IM takeover

Deal touted since August 2024

Patrick Brusnahan
clock 01 July 2025 • 1 min read
European equities: Why the joke is on the herd

European equities: Why the joke is on the herd

'Investors are realising the framing they have relied on is misguided'

Toby Gibb
clock 26 June 2025 • 5 min read
Despite everything, Europe still deserves investors' attention

Despite everything, Europe still deserves investors' attention

Assessing opportunities on a business-by-business basis

David Walton
clock 11 March 2025 • 4 min read