The accompanying austerity conditions made repayment of those debts - now held by official creditors
The accompanying austerity conditions made repayment of those debts -- now held by official creditors
The Heavily Indebted Poor Countries (HIPC) Initiative by the Paris Club of official creditors
and multilateral institutions had written off a substantial share of the prior external debts.
There may be some partial policy reversals in the future, or fiscal targets may be relaxed, as dialogue continues between Greece and its official creditors
They have normalised their arrears with the IMF, but they still have a significant debt overhang problem with other international financial institutions and other official creditors
. It's an issue that has to be addressed."
In monitoring all public sector loans, be it bond issues or project or program loans from official creditors
, these have to be within the Development Budget Coordinating Council-approved National Government financing, including the domestic and foreign borrowing mix for the year.
"There is a degree of hypocrisy in the comments of the Anastasiades team with respect to our proposal," Papadopoulos complained in the radio interview and added he had not proposed not to timely repay Cyprus's debt to its official creditors
who financed the 2013 bailout.
Over the coming months, it will be important for the authorities to continue to pursue a coordinated approach to secure assurances of support from other official creditors
to reduce debt vulnerabilities.
"The prolonged negotiations with official creditors
to conclude the second review of Greece's third bailout increasingly resemble the catastrophic standoff with creditors in the first half of 2015 that led the country to the brink of Grexit.
More interestingly, the report then asks how the Fund should coordinate its operations with regional bodies like the European Commission and the ECB, the other members of the so-called Troika of Greece's official creditors
. The report rejects claims that the IMF was effectively a junior member of the Troika, insisting that all decisions were made by consensus.