Emily Vogl, Frank Vogl
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Greece - Press Statement by the IIF Board of Directors
Washington D.C., May 2, 2010 — The Board of Directors of the Institute of International Finance, chaired by Dr. Josef Ackermann, Chairman of the Management Board and the Group Executive Committee, Deutsche Bank AG, released the statement below.
The members of the Board of Directors of the Institute of International Finance-”who are leaders of many the world's largest financial institutions-”expressed their support today for the three-year adjustment program adopted by Greece, accompanied by a financial support package from the Euro zone and the IMF.
The Board of Directors of the IIF welcomed the announcement of the reinforced Stability and Growth Program of the Government of Greece, with strong support from other members of the Euro zone and the IMF. They stressed that this ambitious adjustment effort would significantly enhance economic and financial prospects for Greece and should help to dispel uncertainties that have roiled global financial markets in recent months.
Members considered the fiscal adjustment plan and structural reform agenda included in the 3-year program to be commensurate with the problems facing the Greek economy. The credibility of the program and its prospects for successful implementation are strongly underpinned by the financial support package provided by members of the Euro zone and the IMF, which has been tailored appropriately to the adjustment effort and the external financing needs facing Greece over the next three years.
Board members recognized that the road ahead for Greece will inevitably involve difficult and prolonged adjustment. It will not be easy. But with strong and sustained implementation, the program and financial support package are well designed to address uncertainties regarding Greece's fiscal and financial prospects. On that basis, and given the importance of contributing to the restoration of confidence and stability in the circumstances surrounding Greece, IIF Board members have agreed to play their part in supporting the Greek government and Greek banks. This will be in the collective interest of their institutions, stakeholders, Greece, and the European and global financial systems.
Board members encouraged all parties, including other banks and investors, to assess the altered situation facing Greece, as a result of the reinforced measures and substantial support package announced. They noted that the reinforced program, coming at a critical moment for Greece and for the Euro zone, should place Greece on the right path, and that they are prepared to assist the determined efforts of the Greek authorities, the Greek people, and the international official community.
Emily Vogl, Frank Vogl