I remain convinced that the agreement reached by the leaders of the Euro Area at their Summit last week, which includes a substantive reduction in Greece’s debt burden and additional financial support for a new ambitious program, will greatly benefit Greece by helping to restore growth and create jobs.

I welcome the Prime Minister’s indication that the referendum which has been announced will take place as soon as possible so that the Euro Summit agreement can be implemented expeditiously.

As soon as the referendum is completed, and all uncertainty removed, I will make a recommendation to the IMF Executive Board regarding the sixth tranche of our loan to support Greece’s economic program.

Vote if you insist, but call us back when its approved.   Let’s not talk about what happens if it isn’t or even explain the way in which last week’s agreement is supposed to restore growth and create jobs.

//

You might hear in conversation with professors, activists, and other serious people that the IMF and its stability paradigm had horrible consequences for democracy in many developing countries.  Ms. Lagarde has decided in response to play with language and pretend that she is stupid.