Lagarde says Greek reforms inevitable
IMF chief Christine Lagarde said Tuesday that Greece's left will have to face tough fiscal measures even if they reject the austerity requirements that come with the country's bailout program.
Speaking to British broadcaster ITV, Lagarde said participation in the euro has a price.
"That price is improved productivity of the workforce; it's structural reforms; it is fiscal consolidation when a country runs at such a high deficit; it is, at some stage, a return to the financial markets to finance its debts," she said.
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Asked specifically about the Greek left's possible rejection of the austerity program required under the 130 billion euro ($165.5 billion) EU-IMF bailout loan for the country, Lagarde suggested that painful adjustment was inevitable. The left could reject austerity, "But for what?" said told ITV. "Probably for more difficult measures that will have to be taken anyway."
http://www.france24.com/en/20120522-lagarde-says-greek-reforms-inevitable