WASHINGTON, DC – The Monetary Policy and Trade Subcommittee of the House Committee on Financial Services held a hearing Thursday to discuss the International Monetary Fund (IMF) and Greece. At the hearing, Congresswoman Carolyn B. Maloney (NY-12), co-chair of the Congressional Caucus on Hellenic Issues and member of the Financial Services Committee, asked the bipartisan panel of expert witnesses if they supported debt relief for Greece and IMF involvement in future assistance programs. All experts agreed that debt relief and IMF support were crucial for Greece’s recovery.
“I am extremely pleased that this distinguished panel of international finance experts agreed with me that debt relief and further IMF involvement are needed in order for Greece to climb out of its unprecedented economic crisis,” said Rep. Maloney. “Greece has adopted the reforms imposed on it by the European Union and is repaying its debt. However, the onerous terms that accompanied those deals are choking off Greece’s ability to grow its economy and create a more stable future. It is time for the EU to listen to the experts, such as those testifying today, and recognize that debt relief is an essential part of putting Greece on the road to economic recovery and ending the need for future assistance from EU nations.”
You can see the Congresswoman’s full line of questioning and the witness’ answers here.
Background
Testifying at Thursday’s hearing were:
- Mr. Paul Blustein, Senior Fellow, Center for International Governance Innovation
- Ms. Meg Lundsager, Public Policy Fellow, Woodrow Wilson Center
- Professor Anna Gelpern, Professor of Law, Georgetown Law and Non-Resident Senior Fellow, Peter G. Peterson Institute for International Economics
- Dr. Rebecca Nelson, Specialist in International Trade and Finance, Congressional Research Service
