1 Dec 2011

IMF/ EUROPE

The IMF has confirmed that the Executive Board will consider the program with Greece on Monday, but that it has not received a request for financing from Italy. IMF

Posted at: December 1, 2011 4:27 pm

Duration: 02:09

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STORY: IMF/ EUROPE
TRT: 2:09
SOURCE: IMF
RESTRICTIONS: NONE
LANGUAGE: ENGLISH / NATS

DATELINE: 1 DECEMBER, 2011, WASHINGTON DC
 
SHOTLIST:
 
RECENT

1. Wide shot, exterior, IMF building 
 
1 DECEMBER, 2011 WASHINGTON, DC

2. SOUNDBITE (English) Gerry Rice, Acting Director, External Relations, International Monetary Fund (IMF):
"We're going to be reviewing the program again, our Board will be, on Monday. The program objectives remain: growth, employment, putting Greece back on a sustainable path." 
3. Cutaway reporters
4. SOUNDBITE (English) Gerry Rice, Acting Director, External Relations, International Monetary Fund (IMF):
"There are no discussions with the Italian authorities on any form of IMF financing."
5. Cutaway reporters
6. SOUNDBITE (English) Gerry Rice, Acting Director, External Relations, International Monetary Fund (IMF):
"Resolving this crisis will require cohesive and comprehensive effort in addition to a large and effective firewall. We're going to need efforts at the national level in terms of policies to support growth and employment, and at the regional level, to make further progress on fiscal and financial integration."
7. Cutaway reporters
8. SOUNDBITE (English) Gerry Rice, Acting Director, External Relations, International Monetary Fund (IMF):
"We were disappointed at the failure of the Joint Select Committee to reach an agreement in view of the pressing need for the US to address its long-term budget problems. Although the automatic cuts should deliver fiscal savings, starting in 2013, further savings will be needed over the next decade and consolidation should include both entitlement reform and higher revenues. That said, it's also important, we believe, to extend some supportive fiscal measures such as unemployment insurance and payroll tax relief into next year since activity remains weak and risks loom."
 
RECENT - WASHINGTON DC

9. Med shot, woman walks by IMF seal
 
STORYLINE: 
 
The International Monetary Fund said its Executive Board will consider the program with Greece on Monday, December 5. The review of Greece's fiscal and structural reforms is the last step before the sixth disbursement of IMF funding. 
 
"We're going to be reviewing the program again, our Board will be, on Monday. The program objectives remain: growth, employment, putting Greece back on a sustainable path," said Gerry Rice, Acting Director of External Relations for the IMF.
 
A follow-up mission will travel to Greece on December 12 for further discussions.
 
Turning to Italy, Rice said that no date has been set as yet for an economic monitoring team to travel to Rome, as had been agreed at last month's G20 meeting in Cannes.
 
"There are no discussions with the Italian authorities on any form of IMF financing," Rice said.
 
The next critical test for the European Union will be the summit on December 8-9. 
 
"Resolving this crisis will require cohesive and comprehensive effort in addition to a large and effective firewall. We're going to need efforts at the national level in terms of policies to support growth and employment, and at the regional level, to make further progress on fiscal and financial integration," Rice said. 
 
As European authorities negotiate their next steps, the IMF said that the U.S to lower its debt levels, as well. 
 
"We were disappointed at the failure of the Joint Select Committee to reach an agreement in view of the pressing need for the US to address its long-term budget problems. Although the automatic cuts should deliver fiscal savings, starting in 2013, further savings will be needed over the next decade and consolidation should include both entitlement reform and higher revenues.

That said, it's also important, we believe, to extend some supportive fiscal measures such as unemployment insurance and payroll tax relief into next year since activity remains weak and risks loom," Rice said.