Managing Director of the International Monetary Fund (IMF) Christine Lagarde didn’t allow much hope for a speedy bailout deal regarding Greece’s debt crisis on Friday, saying that there is a long way to go for Greece and its European lenders. The head of IMF told reporters during a Brazilian central bank event in Rio de Janeiro: “I know there is a lot of work to be done. Parties are now working, receiving proposals, working in cooperation and we will continue to do so as fast as we can.” And she continued: “It has to be a comprehensive approach, not a quick and dirty job.” Lagarde’s current comments came after European Commissioner for the Euro and Social Dialogue Valdis Dombrovskis, German Minister of Finance Wolfgang Schäuble, Chancellor of Germany Angela Merkel, and Bundesbank chief Jens Weidmann similar public statements today. On the other hand, European Commission President Jean-Claude Juncker appeared less skeptical about a Greek bailout deal in the German weekly business news magazine WirtschaftsWoche. With the Greek government running out of funds and a June 5 IMF loan repayment, Greece needs to come to an agreement with its creditors by the end of the month in order to avoid default.
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