23 Sep 2010

IMF / EUROPE

The IMF says that countries in Europe are taking the right steps to address the sovereign debt problem by clearly communicating and then implementing their fiscal reform plans. IMF

Posted at: September 23, 2010 2:36 pm

Duration: 01:52

Available in: SD

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STORY: IMF / EUROPE
TRT: 1:52
SOURCE: IMF
RESTRICTIONS: NONE
LANGUAGE: ENGLISH / NATS

DATELINE: 23 SEPTEMBER 2010, WASHINGTON, DC / FILE

SHOTLIST:

RECENT 2010, WASHINGTON DC

1. Wide shot, exterior IMF headquarters

23 SEPTEMBER, 2010, WASHINGTON DC

2. Med shot, Caroline Atkinson enters briefing room
3. SOUNDBITE (English) Caroline Atkinson, Director, External Relations, IMF:
 "We have noted that a number of countries in Europe and the EU as a whole have announced and made important steps toward fiscal measures that call for early consolidation and had been planned that really addressed their medium-term fiscal issues. We believe the important thing to focus on is the implementation of these reforms along with structural reforms and financial sector reforms to promote growth over the medium term."
4. Cutaway, reporters
5. SOUNDBITE (English) Caroline Atkinson, Director, External Relations, IMF:
"Our expectation at that time is that Ireland having begun rather earlier with fiscal consolidation that the economy would begin to recovery later this year. I do believe that the fiscal measures the government has announced in implementing and discussing the budget are appropriate and the right thing to do given the financing and fiscal pressures in Ireland."
6. Cutaways reporters
7. SOUNDBITE (English) Caroline Atkinson, Director, External Relations, IMF:
 "We have no special requests from Portugal. We have normal relations with Portugal. What's important is that the government has announced its commitment to the 3% target of deficit in relation with GDP by 2013 which is the goal in the Stability and Growth Pact. It is implementing measures to reach that goal. We support that goal."

RECENT 2010, WASHINGTON DC

8. Wide shot, exterior IMF headquarters

STORYLINE:

The IMF says that countries in Europe are taking the right steps to address the sovereign debt problem. In the IMF's regular briefing, spokesperson Caroline Atkinson said the best way to promote growth is for countries to clearly communicate and then implement their fiscal reform plans, which many countries are already doing.

"We have noted that a number of countries in Europe and the EU as a whole have announced and made important steps toward fiscal measures that call for early consolidation and had been planned that really addressed their medium-term fiscal issues. We believe the important thing to focus on is the implementation of these reforms along with structural reforms and financial sector reforms to promote growth over the medium term," Atkinson said.

Although investors have been selling Irish and Portuguese bonds on concerns about the countries' debt levels, Atkinson told reporters that neither Ireland nor Portugal has asked for financial assistance from the IMF.

When asked about the surprise decline in Ireland's second quarter GDP, Atkinson told reporters that the IMF's outlook for Ireland remains cautiously optimistic.

"Our expectation at that time is that Ireland having begun rather earlier with fiscal consolidation that the economy would begin to recovery later this year. I do believe that the fiscal measures the government has announced in implementing and discussing the budget are appropriate and the right thing to do given the financing and fiscal pressures in Ireland," Atkinson said.

Atkinson said that Portugal has also made the appropriate decisions in coping with its sovereign debt, and it has not requested assistance from the IMF.

"We have no special requests from Portugal. We have normal relations with Portugal. What's important is that the government has announced its commitment to the 3% target of deficit in relation with GDP by 2013 which is the goal in the Stability and Growth Pact. It is implementing measures to reach that goal. We support that goal," Atkinson said.

Atkinson said that updated growth figures for European countries would be released with the World Economic Outlook on 6 October.