Transcript of a Conference Call on Greece Article IV Consultation

Is it true that the IMF admits mistakes on the Greek bailout?

MR. THOMSEN: Sure. There is in this bundle of papers, there is a discussion of the past and, in the context of the Article IV Consultatio, a full report. And secondly, as you mentioned, this Ex-Post Evaluation that, as Ángela mentioned, we do for all countries.
And, sure, in reviewing what we have done the whole time, there are certainly things we could have done differently. We already had that debate six months ago on these multipliers and that if we should do it again, we would not use the same multipliers. We use estimated multipliers.
A second point is that the report says, as we all agree on now also, that growth assumptions were too optimistic for a number of reasons, including as the report said, that because of sort of the limited administrative capacities of Greece, these were ambitious assumptions.
MR. THOMSEN: Okay. So, what we have on the table right now is a framework that says that under the program, debt will come down to 124 percent by 2020. And I think the wording is “substantially”—well below 110 percent by 2022.

Transcript of a Conference Call on Greece Article IV Consultation.

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