24 June 2018

3,5% primary surplus for Greece is not a sustainable target

15 April 16 | Cristine Lagarde
Cristine Lagarde



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IBI Group

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Antulio Richetta

Director IBI Group
The International Monetary Fund’s (IMF) chief, Christine Lagarde, expressed her worries on the feasibility of the fiscal targets included in Greece’s adjustment program, during a press briefing in Washington on Thursday.


Lagarde said she wasn’t sure if a primary surplus target of 3.5 pct of GDP by 2018 is feasible adding that it’s also unsustainable.

She also said Greece needs stability, sustainability and national sovereignty and for this reason, all estimations on macroeconomic targets must become realistic.

Asked on the ongoing negotiations between the Greek government and the institutions, she noted the need to complete the program review as soon as possible, saying that “the last thing Greece needs right now is another delay,” a point with which Greece agrees.

Concerning the country’s debt, Lagarde said a solution is neede for both the maturity of the bonds and the height of the interest rates and reiterated the IMF’s position that the Greek program needs to be based on two pillars: reforms and debt relief.


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