Investing.com - The International Monetary Fund will decide if it will participate in Greece with a full new program at the end of the year and only after a revised Debt Sustainability Assessment is drafted, the European Division head, Poul Thomsen, said Wednesday.
Speaking at a press conference after the end of an 11-hour long Eurogroup meeting here, Thomsen said that "all sides had to compromise," including the IMF, which backed down from its stance that all debt measures should have been defined in detail in advance.
"We stress one point here where I think that we on behalf of the IMF have made a major concession, and I might as well be open about that," he said.
We had argued that these debt relief measures should be approved up front and we have agreed that they will be approved at the end of the program period based on a revised DSA at that time."
At the same time, reek Finance Minister Euclid Tsakalotos said the Eurogroup agreement for the conclusion of the first review "is an important moment for Greece as investors will now have a clear picture of the country's course."
"There is some room for optimism that the vicious cycle of measures-recession-measures can be transformed to a virtuous cycle, as investors will have a clear picture and will be able to invest in Greece," he said.