Lagarde disappointed at breakdown in talks with Greece

(MENAFN- Kuwait News Agency (KUNA)) The Managing Director of the International Monetary Fund (IMF) on Sunday said she is "disappointed" at the breakdown in talks with the Greek government as the country's financial system faces the risk of total collapse.

"I have briefed the IMF Executive Board on the inconclusive outcome of recent discussions on Greece in Brussels. I shared my disappointment and underscored our commitment to continue to engage with the Greek authorities," Christine Lagarde said in a statement. "The coming days will clearly be important. I welcome the statements of the Eurogroup and the European Central Bank to make full use of all available instruments to preserve the integrity and stability of the euro area," she added. "These statements underscore that the euro area today is in a strong position to respond to developments in a timely and effective manner, as needed.

"The IMF also will continue to carefully monitor developments in Greece and other countries in the vicinity and stands ready to provide assistance as needed," she went on.

Lagarde affirmed that "a balanced approach is required to help restore economic stability and growth in Greece, with appropriate structural and fiscal reforms supported by appropriate financing and debt sustainability measures.," and emphasized that the IMF "is prepared to continue to pursue that approach with the Greek authorities and our European partners." (end)