IMF: We would have taken the same decisions for Greece today

During a media briefing IMF spokesman Gerry Rice accepted a barrage of questions regarding Greece and the mea culpa of the Fund.

The IMF representative tried to counter the criticism to the international body for the assessment report on the Greek program, arguing that the published document was an evaluation of the program that started in 2010 for Greece and not the current program that started in 2012.

The evaluation report is a formal process, whose aim is "to integrate knowledge from current programs for future operations," Rice said. He pointed out that rigorous self-assessment is one of the characteristics of an international organization and added that "this program has already incorporated some of the main lessons that have emerged since 2010."

He admits that "given the same situation, with similar information, we would probably take the same decisions today."

Asked whether Greece was sacrificed to save Europe, with a troubled bailout, Rice said "we must not forget the intense unprecedented crisis Greece was facing in 2010 with a need for a quick reaction. After 2010 there was a global and European recession and Greece there had political instability. Within this general framework, the evaluation report examines how some things could have been done differently. Given the same situation, with similar information, we would have probably taken the same decisions today."

The representative said that Greece's program is on track despite the difficulties.

Lastly, regarding the possibility of a new haircut, Rice said that according to his estimates, Greece will require further reduction of its debt, but the international organization "does not see its participation in further negotiations to reduce Greece's debt at this phase. Europe should honor its commitment in this direction, so that the debt reaches 124% of GDP by 2020 and drop below 110% of GDP in 2022."