14 Jun 2012

IMF / EUROPE

International Monetary Fund spokesman Gerry Rice said Thursday that the IMF’s role in monitoring a European rescue package for Spanish banks is still being discussed, but that Spain had not asked for IMF financial assistance. IMF

Posted at: June 14, 2012 6:57 pm

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STORY: IMF / EUROPE
TRT: 1.50
SOURCE: IMF
RESTRICTIONS: NONE
LANGUAGE: ENGLISH / NATS

DATELINE: 14 JUNE, 2012 WASHINGTON, DC

SHOTLIST:

WASHINGTON, DC – RECENT

1. Wide shot IMF

WASHINGTON, DC – 14 JUNE, 2012

2. SOUNDBITE (English) Gerry Rice, Director, External Relations, IMF:
"We believe as the Managing Director said in her statement over the weekend that Spain took the right step when deciding to secure a backstop for its financial sector. The scale of the financing gives assurance that the financing needs of the Spanish banks will be fully met. It's also important that the reform program that the Spanish government has undertaken continues to be implemented as they are doing. There has been no request for IMF financial assistance nor are there any plans at the IMF for such assistance."
3. Cutaway reporters
4. SOUNDBITE (English) Gerry Rice, Director, External Relations, IMF:
"The IMF has called for some time for a strengthening of the Europe-wide crisis management instruments and indeed for a strengthening of the Euro-zone architecture."
5. Cutaway reporters
6. SOUNDBITE (English) Gerry Rice, Director, External Relations, IMF:
"There were commitments made of more than $430 billion at the Spring Meetings. We expect that issue to be on the table in Los Cabos. There has been good progress made in the run-up to Los Cabos in terms of our discussions with bilateral contributors and we're looking forward to further progress at the summit."
WASHINGTON, DC – RECENT

7. Wide shot, IMF

STORYLINE:

International Monetary Fund spokesman Gerry Rice said Thursday that the IMF's role in monitoring a European rescue package for Spanish banks is still being discussed, but that Spain had not asked for IMF financial assistance.

"We believe as the Managing Director said in her statement over the weekend that Spain took the right step when deciding to secure a backstop for its financial sector. The scale of the financing gives assurance that the financing needs of the Spanish banks will be fully met. It's also important that the reform program that the Spanish government has undertaken continues to be implemented as they are doing. There has been no request for IMF financial assistance nor are there any plans at the IMF for such assistance," said Gerry Rice, IMF spokesman.

Rice added that the IMF welcomes discussions over a European facility that would take direct stakes in European banks.
 
"The IMF has called for some time for a strengthening of the Europe-wide crisis management instruments and indeed for a strengthening of the Euro-zone architecture," Rice said.

With the G20 summit in Los Cabos next week, Rice said that the global economy will dominate discussions in addition to talks about IMF resources.

"There were commitments made of more than $430 billion at the Spring Meetings. We expect that issue to be on the table in Los Cabos. There has been good progress made in the run-up to Los Cabos in terms of our discussions with bilateral contributors and we're looking forward to further progress at the summit," Rice said.

The increased resources are intended to help countries that may be negatively affected by a potential widening of the financial crisis.

IMF Managing Director Christine Lagarde will attend the G20 summit in Los Cabos in Mexico on June 17 through 19.